Why Gold's Bull Run Could Extend into 2026 – And Crypto Weakness May Lift Silver Higher: ByteTree's Charlie Morris

ByteTree CIO and founder Charlie Morris remains strongly bullish on gold for 2026, viewing its current momentum as far from exhausted. He also sees potential for silver to benefit from any prolonged crypto weakness, while expecting Bitcoin to eventually reclaim leadership in alternative assets.

Gold’s 2025 Surge Has More Room to Run

Gold delivered one of its strongest years since 1979, advancing ~70–74% amid central bank buying, geopolitical tensions, and shifting inflation expectations.

Morris, who called for $7,000/oz by 2030 back in 2020—a forecast once seen as extreme—now views it as increasingly plausible.

“It’s all worked for the wrong reasons so far,” he noted, referring to monetary rather than consumer inflation. “But persistent deficits make lasting inflation seem inevitable.”

With markets still lacking broad consensus on gold’s utility—evident in dismissive public commentary—Morris sees this skepticism as bullish. Institutional underweighting and stagnant miner ETF flows (e.g., VanEck GDX) further suggest the rally has legs.

Silver: Poised for Gains from Crypto Rotation

Silver’s explosive ~150–170% rise in 2025 left it “forgotten” during crypto’s dominance, according to Morris. The current gold/silver ratio near 68–70 remains elevated historically.

“If gold reaches $7,000 with a 40:1 ratio—not aggressive at bull market peaks—silver hits $175,” he projected.

Short-term, silver could capture flows if crypto and tech cool off, as “fun money” rotates back from digital assets.

Morris views silver as a tactical “tourist” play—rent, don’t own—contrasting with gold and Bitcoin as core neutral reserves.

Bitcoin and Gold: Complementary, Not Competitive

Morris rejects zero-sum narratives between Bitcoin and gold.

“Gold is the reserve asset of the real world; Bitcoin is the reserve asset of the internet,” he said. Their low correlation drives the BOLD Index (Bitcoin + gold risk-weighted), tracked by the 21Shares BOLD ETP across Europe.

Bitcoin’s current oversold condition versus gold/silver’s overbought extremes suggests alternation ahead: “When we get bored of gold and silver, it’s Bitcoin’s turn.”

Crypto and Tech Likely to Pause in 2026

Morris anticipates a tech/AI pullback after prolonged outperformance, dragging Bitcoin temporarily lower due to its internet-sector correlation.

“We’re in a historic equity momentum bubble,” he warned. Capital expenditure frenzy and no-profit tech valuations appear stretched.

This rotation could favor precious metals short-term, but Morris expects Bitcoin to resume leadership once risk appetite returns.

Long-Term Bullish on Both Gold and Bitcoin

Underweight institutional allocation remains the strongest tailwind.

“Most wealth managers still have approximately zero exposure to Bitcoin,” Morris observed. Gold faces similar retail/industrial skepticism despite record prices.

Both assets retain purpose amid fiscal deficits, debt concerns, and potential asset confiscation risks—drivers unlikely to vanish soon.

Morris concluded: “If the world were managed perfectly, neither gold nor Bitcoin would be needed. Unfortunately, perfect management is rare.”

2026 Outlook: Alternating Leadership in Alternatives

With gold/silver potentially consolidating after 2025 extremes and Bitcoin/tech facing near-term headwinds, 2026 could see rotational opportunities.

Morris’s core thesis—gold and Bitcoin as uncorrelated reserves taking turns—positions patient investors for gains across cycles, regardless of which leads next.