Bitcoin BTC$87,782.42 has disappointed investors this year, lagging behind the gold- and tech-heavy Nasdaq 100 stock index despite hopes of benefiting from a fiat devaluation.
But the biggest crypto asset could be preparing for a big comeback next year, according to VanEck managers.
“Bitcoin has lagged the Nasdaq 100 index by about 50% since the beginning of the year, and the disruption makes it more likely to become a top performer in 2026,” said David Schassler, head of multi-asset solutions at VanEck, in the company’s recently released 2026 outlook.
While this year’s downturn reflects a slowing risk appetite and tight liquidity, the Bitcoin dogma remains the same, Schassler wrote. “As currency devaluation continues, liquidity returns and BTC reacts sharply, historically,” he added.
“We keep buying,” he said.
Schassler’s broader theory focuses on the powerful combination of currency depreciation, technological innovation, and the rise of hard assets. The asset manager argues that future financing of debt and political ambitions will increasingly rely on printing money, with investors turning to scarce stores of value such as gold and Bitcoin.
He expects gold prices to soar to $5,000 next year, more than 10% above current levels, which are already on an impressive rise. “Gold has been one of the strongest major assets this year and we expect that momentum to continue,” he said. The yellow metal has risen more than 70% this year and is currently trading around $4,492 an ounce.
At the same time, a quiet bull market in natural resources is underway, driven by infrastructure demands such as artificial intelligence, energy transition, robotics, and re-industrialization. These “old world assets,” as Schassler calls them, are building the foundations of a new global economy.
Read more: Gold, silver shine in deteriorating trades as Bitcoin gets left behind
