Bitcoin (BTC) has underperformed in 2025, disappointing many investors who expected the world’s largest cryptocurrency to thrive amid concerns over fiat currency devaluation. Despite trading around $87,530, bitcoin has lagged behind both gold and the tech-heavy Nasdaq 100 index, trailing the latter by nearly 50% year-to-date. However, according to a senior executive at global asset manager VanEck, this underperformance could be laying the groundwork for a significant rebound in 2026.
David Schassler, head of multi-asset solutions at VanEck, said in the firm’s recently released 2026 outlook that bitcoin’s current dislocation relative to equities could position it as a top-performing asset next year. He noted that bitcoin’s weakness reflects a combination of softer risk appetite and tight liquidity conditions, rather than a breakdown in its long-term investment thesis. Historically, bitcoin has responded strongly when liquidity returns to the market, especially during periods of accelerating currency debasement.
Schassler emphasized that VanEck has been actively increasing its bitcoin exposure, signaling confidence in the digital asset’s future performance. His broader investment outlook is built around what he sees as a powerful convergence of monetary debasement, technological transformation, and rising demand for hard assets. As governments increasingly rely on money printing to fund future liabilities and political priorities, investors may continue shifting toward scarce stores of value such as bitcoin and gold.
Gold has already delivered exceptional returns, rising more than 70% this year and trading near $4,492 per ounce. Schassler expects the precious metal to climb further, potentially reaching $5,000 next year, extending its strong momentum. He also highlighted a quiet bull market developing in natural resources, driven by the infrastructure needs of artificial intelligence, energy transitions, robotics, and re-industrialization.
According to VanEck, these traditional or “old-world” assets are becoming increasingly important as they underpin the emerging global economic transformation. In this context, bitcoin’s current underperformance may prove temporary, with 2026 shaping up to be a pivotal year for the cryptocurrency as liquidity improves and investors seek protection against ongoing monetary debasement.
