The man is believed to have taken three of the yellow pills which are embossed with the digital currency's logo.
Police said he was found in an "agitated" state at a house in Hamilton, South Lanarkshire, earlier today.
He was taken from the town's Cadzow Bridge Square to Hairmyres Hospital in East Kilbride where he is being cared for in the intensive care unit.
Police warned about the dangers of taking the illegal pills which are decorated with a B with two lines through the letter.
It follows an alert over red ecstasy tablets known as mortal kombat in February, when a 17-year-old Clydebank schoolgirl died after taking the drug.
Detective Sergeant Martin McKendrick said: "Illicit drugs are dangerous as has been proved on a number of occasions recently where people have been hospitalised.
"At this time we are trying to establish where exactly the man took the drugs and where he got them.
"I would ask that anyone with information about the supply of drugs, in particular the type described as bitcoin, contact police on 101 or Crimestoppers on 0800 555 111 where details can be given in confidence.
"I would also urge anyone who has taken the drug and feels unwell, or who knows someone who has taken it in the last few hours to attend or contact their local hospital for treatment and advice."