The market initially expected Bitcoin (BTC) to benefit in an environment of fiat currency depreciation, but so far this year, its price performance has disappointed investors, with gains lagging behind gold and also losing to the Nasdaq 100 Index, which is dominated by technology stocks. However, a manager at VanEck believes that this largest market cap cryptocurrency may be preparing for a major rebound next year.
David Schassler, Head of Multi-Asset Solutions at VanEck, stated in the company's recent 2026 outlook report that:
"Since the beginning of this year, Bitcoin's performance has lagged approximately 50% behind the Nasdaq 100 Index, and this gap is creating conditions for it to become one of the best-performing assets in 2026."
Schassler wrote that this year's weak trend in Bitcoin reflects a weakening risk appetite among investors and tightening market liquidity, but the core investment thesis for the asset remains unchanged. He added: "As the (currency) depreciation continues to intensify and liquidity returns, historically, BTC tends to react violently in such environments. We continue to buy in."
Schassler also expects gold to rise to $5,000 per ounce next year, an increase of about 10% from current levels, continuing its already impressive upward trend. He stated: "Gold is one of the strongest performing major assets this year, and we expect this momentum to continue."
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