Bitcoin Volatility to Start 2026, China Drove Crypto Crime in 2025 | Bloomberg Crypto 1/27/2026

Watch on YouTube ↗  |  January 27, 2026 at 18:54  |  22:50  |  Bloomberg Markets
Speakers
Scarlet Fu — Anchor, Bloomberg Television
Maja Vujinovic — CEO, Digital Assets, FG Nexus
Katherine Doherty — Finance Reporter, Bloomberg
Jonathan Levin — Columnist, Bloomberg Opinion

Summary

Bloomberg Crypto hosts Scarlet Fu and Tim Stenovec explore why bitcoin is lagging gold even as the dollar-debasement debate intensifies, with bitcoin trading more like a risk asset. FG Nexus digital-assets CEO Maja Vujinovic argues the debasement thesis is intact and that Morgan Stanley's new digital-asset strategy role signals confidence, while Chainalysis CEO Jonathan Levin details record $82 billion of illicit crypto laundering driven by Chinese-language networks. The show also covers Tether's launch of the US-focused USAT stablecoin.

  • Bitcoin fell about 4.8% amid geopolitical tensions while gold continued to climb, reviving the debasement-trade debate.
  • Hosts noted bitcoin is trading more like a risk asset than like digital gold as gold attracts safe-haven flows.
  • Morgan Stanley appointed a head of digital-asset strategy, with banks still at very different stages of crypto adoption.
  • Maja Vujinovic said the Morgan Stanley move is a vote of confidence and that bitcoin remains a confidence-driven hedge with its debasement thesis intact.
  • She said speculative flows are scattered across altcoins, prediction markets and meme stocks, while crypto technology fundamentals remain strong.
  • Jonathan Levin said crypto money laundering reached $82 billion in 2025, led by Chinese-language networks using Telegram, and that governments need real-time data and AI to disrupt them.
  • Tether launched USAT, a GENIUS Act-compliant U.S. stablecoin developed with Anchorage Digital and backed by U.S. Treasuries.
Ideas
Scarlet Fu Anchor, Bloomberg Television 0:51
Bitcoin's debasement hedge role is not working
The debasement trade is not working for bitcoin: bitcoin should benefit from dollar debasement but is not, while gold keeps climbing. Bitcoin holders appear more influenced by risk-asset appetite and liquidity than by debasement, with the drivers behind the move benefiting gold, so the 'digital gold' debasement idea may need rethinking.
BTC MED
Maja Vujinovic CEO, Digital Assets, FG Nexus 5:51
Debasement thesis intact; bitcoin is confidence hedge
Bitcoin's debasement thesis is intact and institutional confidence is building: Morgan Stanley hiring a head of digital assets is another confident approach to bitcoin. Gold is the hedge people buy when they are scared, while bitcoin is the hedge people buy when they are confident enough to take risk, so bitcoin's failure to rally reflects risk appetite rather than a broken debasement story. ETF flows still reflect positioning, and younger investors are going into bitcoin and land rather than gold, with gold first and bitcoin following as risk appetite returns.
BTC HIGH
Maja Vujinovic CEO, Digital Assets, FG Nexus 8:46
Crypto technology real; things will pick up
Speculative capital is scattered across altcoins, prediction markets, meme stocks and other avenues, but there is no doubt that the underlying crypto technology is real, part of the reason they have chosen to be in the space. Price does not matter at the moment; things will pick up.
BITO MED
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This Bloomberg Markets video, published January 27, 2026, features Scarlet Fu, Maja Vujinovic discussing BTC, BITO. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Scarlet Fu, Maja Vujinovic  · Tickers: BTC, BITO