Bitcoin has halved in value since October, and this is not a routine market correction. It is a crash.

In this video, I explain why crypto has no underlying value, why the collapse still has further to go, and why banks that lent money so people could speculate on Bitcoin are now exposed.

I also look at the growing fragility in stock markets and tech valuations, including AI, and explain why this could become a systemic crisis that makes 2008 look mild by comparison.

Trump promised that crypto and markets would make his supporters rich. If those bubbles burst, the political consequences could be just as severe as the financial ones.

This is not speculation. The evidence is now visible in the markets. And I stand by this analysis irrespective of yesterday's partial recovery in Bitcoin's value.

This is the audio version:

This is the transcript:

There's a crypto crash happening right now. Bitcoin has halved in price since October. Today, we are looking  at the obvious follow-on question from that, which is, will Trump's bubble burst with crypto? But let's start with what has actually happened in the markets.

On Thursday,  Bitcoin's price sank to $63,000 per Bitcoin. That's its lowest level in more than a year and a half of its all-time peak of $126,000 per Bitcoin in October 2025.  And a month-long dip in cryptocurrency prices has tanked shares of companies that have increasingly invested in Bitcoin, dragging the banks into this whole scenario as well, because they used borrowed money to fund their Bitcoin acquisitions.

This, in turn, has exacerbated broader stock market jitters.  Look at this chart.

Note the trend. This is not an adjustment. This is a crash. That perpendicular decline on the right-hand side of the chart is an indication of a fundamental readjustment, and it's not looking good.

There  are a number of obvious conclusions to draw.

First, this sham asset has a long way to fall as yet. There is literally no value to it. Can I repeat that? There is literally no value to Bitcoin. If you think there is, you are deeply mistaken.

This is an artificial creation that has never yet found a use.  It was made in 2009, only two years after the iPhone was introduced.  The iPhone had a purpose. It has a reason for being valued highly. Bitcoin has never found a purpose. It is meaningless, and this  value is going to fall a lot further down the Y-axis on that chart than it is at present. It could be heading for zero.  And this is not rhetoric. The reality is that almost nothing around the crypto market is going to be left at the end of this debacle. What we're seeing on that chart is not just a wobble; it is a collapse.

Second, this is a precursor. We're also seeing  softness in the AI tech market. That softness will, I believe, turn into a rout.  There is real value in AI. Let's be clear, I know that; that's true. But that only means that there will be a floor to any fall, it doesn't mean that there won't be a fall, and I think a halving in value there is also quite likely.

The likelihood is that banks will fail with Bitcoin and with a stock market crash, and those banks will have to be bailed out by governments. That's going to be mightily painful for the world  because this is going to be worse than 2008 when it happens.

Third, as the crypto market crashes and as the stock markets look as though they're heading the same way, it would  be great if Trump's fortunes went the same way. He always pitched his offering to both the crypto and stock markets. He said that he would increase the fortunes of those invested in them. That was his promise. That is what the MAGA believed. That is where the Americans put their money, as a consequence, and if both crash, we just have to hope his bubble bursts as well.

So today's question, will Trump's bubble burst with crypto, is not a speculative headline.  The evidence from markets tells us that the crypto bubble is deflating, still has a long way to fall, and that this matters for markets because many people have their fortunes tied to the well-being of those valuations, including many of the world's banks, and politically and financially, they could be in trouble as well.

That is the argument you need to engage with now. Bubbles burst. This one will. We are going to have to deal with it. This is a crisis coming our way. I know I've said it before, but the evidence that the crisis is emerging is now very real. In fact, everything I've said has been justified by current events, and I cannot see at this moment Bitcoin changing direction for a long time to come, if ever. And I'm not alone because people have seen through the mythology, just as they're seeing through Trump.

The time has come to face the reckoning. We're going to have a crash. Now, we need a government and a set of ideas that is capable of dealing with it. That's the issue of our moment.

What do you think? There's a poll down below.

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