Bitcoin and Gold Hit a Historic First in 2026. The Two “Safe Havens” Are Now the Worst Assets
Bitcoin and gold are the two worst-performing major assets of 2026, down 7.3% and 7.5% respectively, according to Creative Planning strategist Charlie Bilello.
Investors typically buy both assets as protection against inflation and market stress. Yet this year, a basket of commodities gained 52.5%, US large-cap stocks rose 12.3%, and short-term Treasury bills returned 2.9%. Only 57% of the 21 asset classes tracked by Bilello are showing positive returns in 2026 through October 23.
Historic Declines
Gold's slide follows a 63.7% gain in 2025, its best year in the table. Spot gold climbed above $5,400 an ounce in early 2026 but closed at $3,995.81 on Friday, after falling below $4,000 for the first time since July.
Bitcoin is heading for a second losing year after a 6.3% drop in 2025. It currently trades at $80,472, about 35% below its peak above $126,000 last October.
Interest Rates and Oil
Neither gold nor Bitcoin pays interest, making them less attractive when interest rates rise. Brent crude touched $116 a barrel on Friday as US-Iran tensions escalated, potentially pushing the Federal Reserve to raise rates.
Traders price a 68% chance of a December rate hike, according to CME FedWatch data, ahead of a busy Fed week. The Fed announces its next decision on Wednesday.
Long-Term Performance
Over the long run, Bilello's figures tell a different story. Since 2011, Bitcoin has returned 120.6% a year on average, the highest in his table, while gold has returned 6.3%. With two months left in 2026, the year-end ranking can still change.
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