Key Takeaways
- Bloomberg’s Joe Weisenthal says crypto’s problems are getting worse.
- Investors are finding bigger opportunities outside crypto.
- Privacy coins may be one of the few bright spots.
Bloomberg’s Joe Weisenthal has expanded his bearish case for the crypto market, arguing that the sector may be experiencing its “coldest crypto winter ever” despite periodic rallies in Bitcoin.
Sharing Bloomberg’s recent newsletter on X, the co-host of Bloomberg’s Odd Lots podcast said the ten concerns he outlined in February remain intact and that he has now added two more reasons to the list.
Weisenthal Revisits His Crypto Winter Case Against Crypto
Sharing an update to Bloomberg’s newsletter, Weisenthal wrote:
“Back in February I wrote a list of 10 reasons why this is the worst crypto winter ever. Well everything I cited then still holds, but now I have 2 more ways it’s gotten worse.”
In a shared screenshot of the newsletter, Weisenthal’s ten reasons are as follows:
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The crypto market is falling amid growing investor concern about the dollar.
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Crypto is now a mature industry, making it harder to argue that adoption is still in its early stages.
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The influence of the crypto community on social media has weakened significantly.
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Major institutions have already embraced crypto, leaving fewer new adoption catalysts ahead.
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Crypto-friendly regulation has already arrived, limiting the potential for further policy-driven gains.
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Rising demand for electricity from AI data centers is creating new challenges for crypto miners.
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Crypto has faced reputational issues due to its association with figures named in the Epstein files.
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Advances in quantum computing have raised questions about the long-term security of Bitcoin and other cryptocurrencies.
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Some of the largest corporate Bitcoin holders, including Strategy, have begun selling portions of their holdings instead of accumulating more.
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AI has replaced crypto as the technology trend attracting the most investor attention.
Money Being Made Elsewhere
On top of these ten bearish sentiments, Weisenthal added two factors he believes strengthen the bear case.
The first centers on opportunity cost.
He argued that investors are watching significant gains emerge elsewhere in financial markets, making crypto comparatively less attractive.
“Other people are making SO MUCH MONEY,” he wrote on X.
He pointed to major winners tied to the AI and semiconductor boom, noting that companies such as SK Hynix and Micron have posted year-to-date gains exceeding 250%.
According to Weisenthal, the strong performance of these stocks can create regret among investors who remained focused on crypto.
Zcash: The Only Winner?
Weisenthal’s second new argument claimed privacy-focused cryptos have emerged as one of the “only clear success stories.”
He argued that one of Bitcoin’s original selling points was its ability to allow users to make payments and store value outside the reach of governments.
However, he said that blockchain transactions have become increasingly traceable over time.
“We now know, blockchains are transparent, and people have gotten very good at tracking crypto transactions,” he wrote.
As a result, Weisenthal pointed to ZCash, a privacy-focused crypto designed to obscure transaction details, as one of the strongest performers over the past year.
According to Weisenthal, ZCash’s strong performance suggests there is still demand for one of crypto’s original core use cases—financial privacy.
“That coin specifically has done very well over the last year — meaning there is still interest in one of the canonical popular properties of the coins,” he wrote.
However, he argued that most investors likely “missed this wave” because the token’s market capitalization remains relatively small compared to the broader crypto market.
“Rough Winter,” he wrote. “All of my original points still hold, and now there are two more reasons it’s all the more painful.”
Crypto Spring vs. Crypto Winter
Weisenthal’s comments arrive as prominent crypto bulls continue to argue that the market is entering a new expansion phase.
Bitmine’s Tom Lee first endorsed the idea that a “crypto spring” was beginning last month.
Lee was responding to veteran technical analyst John Bollinger, creator of the Bollinger Bands indicator, who said Bitcoin’s trend had turned positive.
Bollinger wrote on X:
“Yesterday our trend model for Bitcoin turned positive, and we took a position in our Tactica program, which is now fully invested.”
Lee reposted the message and added:
“Crypto spring is here.”
Lee has long been one of Wall Street’s most optimistic voices on Bitcoin.
His recent comments, which he has since reiterated several times, claim he is seeing improving market conditions and renewed risk appetite as supportive for crypto.
The contrasting views highlight a growing divide among market observers.
While Lee sees improving technical trends and stronger investor sentiment as evidence that a new crypto cycle is forming,
Weisenthal argues that structural headwinds—including competition from AI—continue to weigh on the sector.
Bitcoin was trading near $81,000 at the time of Lee’s first crypto Spring comment, having gained roughly 20% over the previous month.
As of reporting, Bitcoin has dropped to $66,949, down over 12% in the last seven days.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
