--- title: "Bitcoin's \"narrative crisis\"? Bloomberg is right, but only half right." description: "Bitcoin has fallen below $64,000, losing over a trillion dollars in market value without any significant news events. Bloomberg's article titled \"Bitcoin's Trillion-Dollar Identity Crisis Is Coming Fr" type: "news" locale: "en" url: "https://longbridge.com/en/news/276684038.md" published_at: "2026-02-24T04:36:07.000Z" --- # Bitcoin's "narrative crisis"? Bloomberg is right, but only half right. > Bitcoin has fallen below $64,000, losing over a trillion dollars in market value without any significant news events. Bloomberg's article titled "Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides" highlights that gold has taken Bitcoin's macro hedging narrative, stablecoins have claimed the payments narrative, and prediction markets have usurped the speculation narrative. This gradual decline reflects a slow erosion of Bitcoin's perceived value and identity in the market. Naruto Uchiha, TechFlow The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000. There was no crash, no black swan event, and no exchange or project absconding with the money; it was just that feeling of being slowly eroded. It dropped a little every day, a little every day, wiping out over a trillion dollars in market value, yet there wasn't even a decent news story. Just then, on February 21st, Bloomberg published an article titled "Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides," with three core conclusions: Gold has stolen Bitcoin's narrative of macro hedging, stablecoins have stolen the narrative of payments, and prediction markets have stolen the narrative of speculation. The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000. No crash, no black swan event, no exchange or project running away with the money; it's just that feeling of being slowly eroded by a slow, painful process. At this time, on February 21st, Bloomberg published an article titled "Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides," with three core conclusions: Gold has stolen Bitcoin's narrative of macro hedging, stablecoins have stolen the narrative of payments, and prediction markets have stolen the narrative of speculation. The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000. No crash, no black swan event, no exchange or project running away with the money; it's just that the market prediction narrative has stolen the narrative of speculation. ### Related Stocks - [CORZ.US - Core Scientific, Inc.](https://longbridge.com/en/quote/CORZ.US.md) - [RIOT.US - Riot Platforms](https://longbridge.com/en/quote/RIOT.US.md) - [BITF.US - Bitfarms Canada](https://longbridge.com/en/quote/BITF.US.md) - [CLSK.US - CleanSpark](https://longbridge.com/en/quote/CLSK.US.md) - [HUT.US - Hut 8 Mining](https://longbridge.com/en/quote/HUT.US.md) - [ABTC.US - American Bitcoin](https://longbridge.com/en/quote/ABTC.US.md) - [BKKT.US - Bakkt](https://longbridge.com/en/quote/BKKT.US.md) - [GLXY.US - Galaxy Digital](https://longbridge.com/en/quote/GLXY.US.md) - [COIN.US - Coinbase](https://longbridge.com/en/quote/COIN.US.md) - [MARA.US - Mara](https://longbridge.com/en/quote/MARA.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Steak 'n Shake credits Bitcoin strategy as driver of sales growth | Steak 'n Shake's Bitcoin experiment has evolved into a sales driver and a balance sheet strategy. | [Link](https://longbridge.com/en/news/276114408.md) | | Engie eyes bitcoin mine and storage system at huge new Brazil solar plant | Engie is exploring the installation of storage systems or bitcoin mining data centers at its new solar plant in Brazil, | [Link](https://longbridge.com/en/news/276626642.md) | | Behind Wu Jihan's liquidation of Bitcoin | On February 20th, Bitdeer, the Bitcoin mining company founded by Wu Jihan, liquidated its remaining 943 Bitcoins, comple | [Link](https://longbridge.com/en/news/276609462.md) | | C2 Blockchain Grows DOG (Bitcoin) Treasury to 680.7 Million Tokens Amid Elevated Runes Network Activity | C2 Blockchain Inc. has increased its DOG (Bitcoin) holdings to 680.7 million tokens, reflecting a 1% growth. The company | [Link](https://longbridge.com/en/news/276444099.md) | | Hut 8 Corp expected to post a loss of 41 cents a share - Earnings Preview | Hut 8 Corp is anticipated to report a loss of 41 cents per share on February 25, with a projected revenue increase of 22 | [Link](https://longbridge.com/en/news/276611147.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.