Have you noticed an interesting phenomenon this year? The traditional store of value, gold, has outperformed Bitcoin, which is referred to as 'digital gold.'


According to CoinDesk, Bitcoin's performance this year has disappointed many investors, as it has not only underperformed gold but has also lagged behind the tech-heavy Nasdaq 100 index.

Previously, many believed that in an environment of fiat currency depreciation, Bitcoin should thrive, but the reality is that a decrease in risk appetite and tighter liquidity have temporarily held it back.


However, David Schassler, the head of multi-asset solutions at VanEck, made an intriguing remark in his recent 2026 outlook: Bitcoin has underperformed the Nasdaq by about 50% this year, and this 'misalignment' may actually allow it to become one of the best-performing assets next year.

His logic is quite simple—Bitcoin's fundamentals haven't deteriorated; whenever currency depreciation accelerates and liquidity returns, it tends to react violently. They are buying now.


VanEck's overall judgment is that in the future, in order to raise funds for various debts and political goals, reliance on money printing will increase, which will push funds to seek scarce hard assets, and gold and Bitcoin will naturally be targeted.

In other words, it's not a question of whether Bitcoin can perform, but rather a matter of timing.


So this year, you see, gold has indeed steadily outperformed Bitcoin, with safe-haven demand, central bank purchases, and inflation expectations all supporting it. Bitcoin, on the other hand, is digesting emotional and liquidity pressures amid high volatility.

But the variables for next year are whether liquidity will return and whether the macro environment will switch. If the funding environment eases, Bitcoin's elasticity could very likely surpass gold's stability.


Jokes aside, there's no need to be overly concerned about this year's losses; asset allocation is not about determining wins and losses in just one year. Gold is like an 'stabilizer' for the old, while Bitcoin is more like a 'bursting wealth' for the young, each with its own rhythm.

Can it surpass next year? Let's allow time to provide the answer as we go along.


The significance of hard assets has never been about short-term fluctuations, but rather whether you can hold onto them and understand their cycles.