7th February 2026
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 yesterday's volatility just proves it.
00:00 Crypto crash begins - Bitcoin price collapse
00:38 Why this is not a correction but a crash
01:18 Bitcoin has no intrinsic value
02:05 Why crypto could fall much further
02:48 AI stocks and the next market rout
03:36 Banks, leverage and bailout risks
04:28 Trump, markets and the bursting bubble
05:22 Political and financial consequences ahead
06:00 A reckoning is coming - are we prepared?
TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk
ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax'.