Prof G Markets · Tuesday, June 30, 2026
Columnist Jamilu Kelly argues that Bitcoin's value is based solely on belief and speculation, asserting that its fundamental value is zero. He contends that while other markets have speculative elements tied to future performance, Bitcoin lacks any underlying asset or intrinsic value. Kelly also criticizes the concept of scarcity in the context of an unlimited number of cryptocurrencies, diminishing Bitcoin's claim to value.
“I mean, yeah, as I wrote, I still felt that Bitcoin was $70,000 too high when it was at $70,000. So I now think it's about $60,000 too high. Um, I think that fundamentally, uh, there is nothing there because it's all just belief. Um, and therefore, eventually, we'll get to zero.”
“There is nothing that underpins Bitcoin other than belief. It is built on sheer belief. And so obviously, stock markets and other markets are built to some extent on belief. But we are constantly thinking about, a price of an asset is based on past performance and expectations for future performance, future growth, future returns. Um, so obviously there is always a speculative element within any kind of asset price. With Bitcoin, there is only speculation or crypto.”
“And people don't like Bitcoin to be lumped into crypto because that's their way of making Bitcoin scarce. That gets me to the next problem. There's no scarcity. And an unlimited number of cryptocurrencies. So, um, you can't really have value without there being scarcity because, um, otherwise why would someone pay for something? There's an unlimited amount of it.”