For crypto investors who firmly believe in the theme of “hedging against inflation,” 2025 has undoubtedly been a disappointing year. Bitcoin, which was expected to benefit from the currency depreciation wave, not only underperformed the “safe haven king” gold but was also far behind the Nasdaq 100 index.
In response, asset management firm VanEck believes that Bitcoin is brewing an epic “comeback,” and in 2026, it is expected to emulate gold and stage a “breakthrough rally.”
David Schassler, Head of Multi-Asset Solutions at VanEck, stated in the latest “2026 Investment Outlook” that Bitcoin’s weakness this year is actually the biggest tailwind for next year:
Since the beginning of this year, Bitcoin’s performance has lagged about 50% behind the Nasdaq 100 index. This extreme “price dislocation” makes Bitcoin poised to become the best-performing asset in 2026.
Schassler mentioned that the market’s risk appetite has cooled and liquidity has tightened this year, which indeed suppressed crypto prices, but the long-term investment thesis supporting Bitcoin — fighting currency depreciation — remains unshaken:
As the monetary easing accelerates, liquidity will eventually return to the market. Historical experience tells us that when this happens, Bitcoin’s reaction is often the most intense and swift.
We are already entering the market to buy.
From a more macro perspective, Schassler’s bullish logic is built on the convergence of three long-term forces: currency depreciation, technological innovation, and the rise of hard assets.
He pointed out that governments around the world, in order to service future debt payments and political goals, have no choice but to rely on the “money printing machine,” which will push investors toward scarce assets that cannot be arbitrarily increased, such as gold and Bitcoin.
Gold has already delivered impressive results this year, soaring over 70%, currently trading at about $4,510 per ounce. Schassler predicts this momentum will continue into next year, with gold prices expected to rise another 10% or more, reaching up to $5,000 per ounce.
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