Nobel Prize winner Eugene F. Fama: Bitcoin is destined to be worthless

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Nobel laureate in economics Eugene F. Fama predicts that Bitcoin will collapse, estimating its chances of survival to be almost zero, and believes Bitcoin has no value.

Nobel economist says Bitcoin's collapse is a foregone conclusion

Eugene F. Fama is a Nobel Prize winner known for his research in asset pricing and the efficient market hypothesis, and he believes that Bitcoin will ultimately become worthless.

This Nobel laureate expresses strong doubts about the long-term viability of cryptocurrencies, arguing that economic theory suggests they cannot sustain. He points out that Bitcoin's extreme volatility is a fundamental flaw and states: "All we know about monetary theory suggests that it should not exist."

He refuses to compare it to gold and emphasizes: "It is digital gold only when it is useful. If it is not useful, it is just paper. Not paper, but air, and not even air."

Fama's skepticism stems from Bitcoin's reliance on speculation rather than intrinsic value. He points out that due to the fixed supply, Bitcoin's price is entirely driven by demand, making it inherently volatile. "People do not want to engage in a business that could bankrupt them due to value fluctuations," he says. The economist believes that Bitcoin cannot replace traditional currencies because financial assets must serve real purposes to retain value.

When asked if BTC is a bubble, Fama refuses to make a clear prediction. "I cannot predict when it will burst. I hope it will burst, but I cannot predict," he says. The economist warns that if Bitcoin continues to hold value, it may challenge fundamental economic theory and concludes:

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