I've actually been trying to do just that for the last few days and I'm almost done! Unfortunately, going from 6 x 16 to 8 x 8 pixels doesn't look as good as I'd like and I had to do two things I was hoping to avoid:
1) I had to alter the proportions of the font, shortening and widening everything. The geometrical basis for it is now somewhat gone.
2) Lowercase letters with a descender had to be moved above the baseline because there's no space left under it. As a consequence, they're harder to read as being lowercase.
Additionally, I pretty much have no idea how to handle everything that's not a letter or a number at that scale. The "rules" for them worked as long as there was a middle point in each segment that I could use for more details, but squashing down means there's now no middle pixel in any segment (it's hard to explain, so just trust me on this).
Bonus time! Since that TrueType font looks really bad (and newer versions of Windows love to mess up all that pixelated goodness), I'm including all three size of Crypteuz for use with BitmapFontWriter, which has been my favourite tool for writing text using game fonts. Just convert the PNG files into BMPs and you're set to go!
(But seriously, this is for novelty only. I'm well aware that nobody would want to use this in any sort of regular basis...)
*EDITED 2020/07/19*