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Eugene Fama also believes the value of a Bitcoin will be zero (as do I). So he is implicitly calling Bitcoin a bubble.

He does this because he understands how money works and how Bitcoin works.

Yes but his point is it's impossible to detect in realtime. Timing.

You can detect that you're in a bubble, but there's no way to know how long it will keep going before it bursts.

Well yes, we're in a permanent bubble with fractional reserve banking and central planning. Mises institute spends a lot of resources explaining how that works to the public, etc. That's not helpful insight though in terms of taking informed action e.g. as an investor.

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