I haven't done enough research to have a reasoned opinion, but I have read that bluetooth does use a compression algorithm to get the content size small enough to transmit fast enough; that, in other words, it would be pointless to, for instance, play flac files over bluetooth if you were playing flac files for the increased audio quality. Or in further words, with bluetooth there would be a decrease in audio quality. But again, I don't know; I haven't done the research.
I do use bluetooth to connect my phone to my car stereo to play the music on my phone. However, that environment has significantly reduced audio quality to begin with.