Mike McGlone, senior commodity strategist at Bloomberg Intelligence, is convinced that cryptocurrencies will perform worse than every major asset class. At the same time, McGlone is convinced that Bitcoin and Treasury bonds will emerge as the best-performing assets of the year. Crypto's underperformance The prominent analyst has noted that the Bloomberg Galaxy Crypto Index (BGCI) is up 7% on a year-to-date basis, actually matching the gain in the S&P 500. This is despite a 7.5% decline recorded by the Bloomberg Dollar Index. On a risk-adjusted basis, crypto is actually greatly underperforming the S&P 500. The former offers basically the same returns with four times the volatility of the flagship stock market index. This is viewed as a red flag by McGlone. Last month, McGlone opined that Bitcoin and crypto might be fine as long as the stock market keeps going up. However, he expects stocks to massively underperform. "I expect 2025 to be a down year for the US stock market, marking the beginning of the third 50% drawdown since 2000," he said. On Friday, the S&P 500 index dipped by 1.6% due to underwhelming jobs data. Meanwhile, Bitcoin recently slipped to as low as $112,113, with other tokens taking a more severe beating. McGlone's $10,000 prediction As reported by U.Today, McGlone has repeatedly predicted that Bitcoin could plunge to $10,000, expecting a severe reversion. However, he faced some criticism after the cryptocurrency reached its current all-time high of $122,838 in July. Despite this, McGlone seemingly remains unploggetically bearish on crypto.