Bloomberg Odd Lots co-host Joe Weisenthal expanded his bearish case for crypto on Tuesday, adding two new reasons to the ten he outlined in February for why this is the worst crypto winter ever.

The Original 10 Reasons Still Stand

Weisenthal’s full list covers every structural headwind crypto faces right now:

  • Crypto is falling while dollar anxiety is rising.
  • The industry is too mature to argue adoption is still early.
  • Crypto Twitter is essentially dead.
  • Institutional adoption already happened, removing future tailwinds.
  • Regulation is already as friendly as it gets, leaving no policy catalysts ahead.
  • AI data centers are competing with miners for electricity.
  • Crypto faces reputational damage from its presence in the Epstein files.
  • Quantum computing raises long-term questions about Bitcoin‘s (CRYPTO: BTC) security model.
  • Strategy and other corporate Bitcoin holders have started selling rather than accumulating.
  • AI has replaced crypto as the technology trend capturing investor attention.

Two New Reasons Make It Worse

The first new reason is opportunity cost. SK Hynix is up over 250% year to date and Micron is up over 260%, both driven by the AI and semiconductor boom. 

The Goldman Sachs non-profitable tech basket is surging again just like 2021, with an $11 billion leveraged SK Hynix ETF creating a self-reinforcing feedback loop pulling more capital into memory stocks.

“Other people are making SO MUCH MONEY,” Weisenthal wrote on X.

Investors who stayed in crypto have watched those gains from the sidelines, and the regret is compounding by the week.

Zcash Is The Only Clear Winner And Most People Missed It

Weisenthal’s second new reason points to a structural problem within crypto itself.

Blockchains were supposed to enable private, uncensorable transactions but have become increasingly transparent and traceable, undermining one of the original core narratives.

The one exception is Zcash (CRYPTO: ZEC), a privacy-focused token designed to obscure transaction details, which has performed well over the past year. However, Weisenthal noted that Zcash’s market cap remains below $10 billion, meaning most investors missed the move entirely.

“Rough winter,” Weisenthal wrote. “All of my original points still hold, and now there are two more reasons it’s all the more painful,” he added.

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