Bloomberg's Joe Weisenthal is making the case that crypto is stuck in its coldest winter ever — and he's got a dozen reasons to back it up. In an updated version of his February 2023 thesis, Weisenthal added two new factors: the market's FOMO everything rally in AI, quantum computing, and speculative tech while crypto remains stagnant. The total crypto market cap stands at $2.3 trillion, but the action is elsewhere.
What's new in his case
The original 10-point argument still holds, but Weisenthal now points to a striking divergence. Other speculative assets are surging. SK Hynix is up more than 250% year-to-date; Micron more than 260%. Meanwhile, crypto hasn't budged. It's not that money left risk-on assets — it's pouring into AI and quantum stocks, not digital coins.
From Epstein-adjacent to quantum threats
Weisenthal's original list includes uncomfortable points. Crypto is Epstein-adjacent, a reference to the industry's lingering scandals. He flags quantum computing as a genuine threat to Bitcoin's security — not a distant risk, but something investors are starting to price in. AI is crowding out both electricity (think mining power) and mental market share among developers and traders.
Old arguments that haven't aged well
The earlier case argued crypto no longer feels so early — the easy narrative of being ahead of the curve is gone. Institutional adoption, Weisenthal says, has already happened, and the regulatory environment is as favorable as it gets in the U.S., meaning no catalyst from a pro-crypto administration. Crypto Twitter is dead as a cultural force. Even pure-play digital asset companies like Strategy have become sellers — the firm sold 32 bitcoins recently, a small but symbolic move.
Market psychology and capital rotation
At the heart of Weisenthal's case is psychology. The FOMO that once drove crypto rallies now feeds AI and quantum stocks. Dollar anxiety, which used to send people into Bitcoin, hasn't worked the same way this cycle. Crypto's drawdown persists even as other risk assets thrive. The big open question: will anything break crypto out of this rut? The next catalyst could be a rate cut, a regulatory shift, or a quantum-proof breakthrough — but for now, Weisenthal's winter forecast shows no signs of thaw.
