Bitcoin is the first crypto asset investment developed in 2008 by Satoshi Nakamoto.


Bitcoin is not a currency.

Bitcoin is a speculative investment.

Bitcoin is a bearer instrument.

Bitcoin is deflationary.

Bitcoin has no fundamental value.

Bitcoin has no use value.

Bitcoin has no income-cashflows.

Bitcoin has a present-value of zero.

Bitcoin has a terminal-value of zero.

Bitcoin is a greater fool theory asset.

Bitcoin is a non-productive investment.

Bitcoin has a negative expected return.

Bitcoin is a security.

Bitcoin is artificial scarce.

Bitcoin is allegedly a sound money in the Austrian economics school of thought.

Bitcoin is based on consensus algorithm known as Proof of Work mining.


  1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July.
  2. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July.
  3. Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
  4. Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis.
  5. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022.
  6. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021.