Bitcoin Roars Past $70,000 as Yields Sink, Trump Sparks Optimism

• Bitcoin is described as a 'horrible performing asset' with high volatility and correlation to the stock market, expected to 'roll over' by year-end.
• The underlying blockchain technology, stablecoins, and tokenization are seen as valuable, but Bitcoin itself lacks a fundamental basis.
• Crude oil prices are expected to decline, following natural gas, due to record production from countries like the US, Canada, Guyana, and Brazil.

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, expresses a bearish outlook on Bitcoin, calling it a 'horrible performing asset' with high correlation to the stock market and a major risk of further decline. He contrasts Bitcoin with the valuable underlying blockchain technology and stablecoins. Regarding crude oil, he anticipates lower prices due to global oversupply and decreasing natural gas prices, despite current Middle East tensions.