'Eugene Fama has a long-term consulting arrangement with Dimensional Fund Advisors.'

He made his name/career theorising upon fiat monetary systems and principles- Bitcoin does present an asymmetric alternative to fiat money and while it does demonstrate volatility is also has provided SoV- incredible SoV.

The fact that Bitcoins use as a MoE has been hugely if slyly obstructed by the legacy fiat operators is overlooked by Fama. How he can call himself a Libertarian while ignoring extensive and explicit money market obstruction by the fiat money operators is a mystery.

Fiat money is an explicitly rigged market with the price and issuance dictated by central banks. It is a government imposed monopoly within its respective jurisdictions.

The fiat operators have slyly and effectively obstructed Bitcoins ability to be used in competition with fiat as follows- The combination of tax reporting obligations making use of Bitcoin as a MoE effectively impractical and the threat by banks to withdraw banking to businesses who dare offer Bitcoin as a MoE results in significant obstruction of Bitcoin as a MoE.

It is true that not being widely used as a MoE is a problem, and that the growing accumulation of Bitcoin under institutional custody further degrades Bitcoins potential for use as a MoE, but this does not make Bitcoins demise certain.

However even if only or largely used as a very liquid SoV Bitcoin has proven to be in high demand. It seems very unlikely that fiat debasement will cease anytime soon so the logic for people to hold Bitcoin remains.