David Schassler from VanEck predicts that Bitcoin will rebound significantly in 2026 after a tough year marked by underperformance compared to gold and the Nasdaq 100. He notes that Bitcoin has lagged the Nasdaq by about 50% year-to-date. Schassler attributes this downturn to a weaker risk appetite and tight liquidity, but he maintains that the fundamental case for Bitcoin remains strong. As currency devaluation accelerates, he expects liquidity to return, leading to a sharp response from Bitcoin, which has historically thrived in such conditions. Schassler is also bullish on gold, forecasting a climb to $5,000 per ounce in 2026, building on its current price of around $4,492. Gold has risen over 70% this year, and Schassler believes that demand for hard assets will increase as governments rely on money printing to fund liabilities and political agendas. He emphasizes that this trend will push investors towards scarce assets like gold and Bitcoin. Furthermore, there is a broader market trend affecting natural resources driven by demands from sectors like artificial intelligence and energy transitions. Schassler refers to these as "old-world assets," which he believes will support the new economy. Meanwhile, a divergence in trading behavior is evident, with U.S. institutional investors maintaining their positions in Bitcoin while offshore traders are pulling back, indicating differing risk appetites across regions.