Bitcoin And Gold Are Both LOSING In 2026 - Why?

Bitcoin and gold are both down sharply in 2026, and the discussion centers on whether that is a macro warning, a liquidity story, or a temporary washout. Mike McGlone argues that rising yields, tighter liquidity, and the unwinding of the AI trade are pressuring speculative assets, while Peter Tchir focuses on whether widening credit spreads in the AI and data-center buildout are the real early warning sign. Both frame the current market as unusually vulnerable to a disorderly move if credit conditions worsen.

Dave Weisberger pushes back on the idea that this is an outright breakdown, saying credit markets are still orderly and that central banks are unlikely to tolerate a real contagion event. He argues that bond yields have already eased from recent highs, that the Fed is done hiking, and that the bigger medium-term risk is political: a contentious midterm cycle, possible gridlock, and more fiscal spending rather than austerity. He also says gold and Bitcoin can diverge from equity weakness, with liquidity and deficits still supportive over time.

The panel spends much of the episode comparing gold, Bitcoin, treasuries, and stocks through relative-value charts. McGlone says the 2026 setup looks deflationary for crypto and metals, while Weisberger insists Bitcoin is still an institutionalizing asset whose long-term path remains intact. Tchir is more cautious on AI infrastructure and some credit-sensitive names, warning that the market may only be at the beginning of a repricing.