Key Takeaways
- Bitcoin’s “zero dollar theory” debate has intensified.
- Industry has pushed the AI adoption thesis.
- Institutional exposure continues to rise.
Financial Times columnist Jemima Kelly has come under fire after arguing that Bitcoin (BTC) has no inherent value, joining a growing chorus of analysts advancing the so-called “zero dollar theory.”
Kelly’s remarks, expanded on in a recent CNBC appearance, have prompted intense pushback from Bitcoin advocates and market commentators.
The dispute comes as major financial institutions continue to build exposure to crypto markets through regulated products such as exchange-traded funds (ETFs), even as a growing group of critics insists the underlying assets are ultimately worth nothing.
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Kelly Says Bitcoin’s Scarcity “Depends on Belief”
Kelly told CNBC she believed Bitcoin’s value was “zero,” arguing it has no intrinsic worth and that its scarcity narrative is undermined by the unlimited supply of alternative cryptocurrencies.
While Bitcoin’s supply is capped at 21 million coins, Kelly said investors must continually accept the idea that Bitcoin is uniquely scarce despite the existence of competing tokens that can replicate or exceed its functionality.
She said Bitcoin’s market price has been supported in part by influential holders with a vested interest in promoting the asset, pointing to figures such as Strategy executive chairman Michael Saylor.
Kelly also argued that Bitcoin proponents regularly introduce new narratives to sustain interest, citing claims that emerging technologies such as AI could drive fresh adoption.
“I heard Anthony Pompliano on CNBC yesterday claiming that now all the AI agents are going to be using Bitcoin in crypto,” she said.
Adding: “...I mean, like, every kind of year or so, there’s a new narrative that they’re spinning in order for us to believe that, ‘oh, yeah, Bitcoin is what we should all be buying,’ and that would obviously make them very rich.”
Pompliano, on Feb. 9, told CNBC that “both Bitcoin and stablecoins” were going to be the money “for all of these AI agents.”
Other industry executives have echoed that view.
Crypto.com CEO Kris Marszalek recently underscored the convergence of crypto and artificial intelligence with the $70 million purchase of the ai.com domain — one of the largest domain acquisitions on record.
The Ai.com platform, unveiled during a Super Bowl LX commercial on Feb. 8, promotes the idea of personal AI agents capable of executing transactions, organizing schedules and trading stocks, with crypto-based settlement embedded in the system.
Backlash on Zero Dollar Theory
Kelly said she has received a flood of hostile messages in response to her stance, describing the reaction as personal and aggressive, particularly on social media.
At the same time, several critics pushed back more respectfully, disputing her thesis and broader criticism of Bitcoin.
Real estate expert Pete Frandano responded that value is ultimately what buyers and sellers agree upon in an open market, arguing Bitcoin has demonstrated sustained demand over multiple boom-and-bust cycles.
He also pointed to Bitcoin’s global, round-the-clock trading and its ability to settle cross-border transfers as evidence the asset has utility beyond speculation.
“You may not like the asset. You may question durability. That’s healthy debate,” he wrote on X. “But zero? When it clears globally 24/7 and settles cross-border value instantly?”
“Your argument (like so many others) feels more philosophical than empirical,” he added.
Institutions Expand Exposure
Despite renewed “zero value” arguments, institutional participation in crypto markets has continued to grow, particularly through ETFs that allow exposure without directly holding digital tokens.
Goldman Sachs’ latest quarterly filing showed the bank’s crypto exposure remains indirect, with positions in spot ETFs linked to Bitcoin and other assets.
The filing showed the bank held roughly $1.06–$1.1 billion in spot Bitcoin ETFs and more than $1.0 billion in spot Ethereum ETFs.
Goldman also initiated new ETF exposure to XRP and Solana in the quarter, allocating roughly $152–$153 million to XRP ETFs and about $108–$109 million to Solana ETFs.
Meanwhile, in Russia, Sberbank announced it will soon launch a product for corporate loans secured by crypto.
The state-owned bank’s move comes after its rival Sovkombank, which became the first Russian bank to issue crypto-collateral loans.
