Academic researchers from the International Hellenic University and Democritus University of Thrace in Greece have published a paper supporting the "efficient market hypothesis" (EMH) for bitcoin trading. The researchers claim that EMH contributed to the development of models capable of outperforming the hodl strategy by nearly 300% in simulated crypto portfolios. EMH suggests that an asset's share price reflects its fair market value and all applicable market information, making it impossible to outperform the market by trying to time it or by predicting winning stocks intuitively. The researchers developed four distinct artificial intelligence models trained with multiple datasets, and the optimal model beat baseline returns by as much as 297%, lending some credence to the idea that EMH can be a useful tool for bitcoin and cryptocurrency traders. However, the study was conducted using historical data and simulated portfolio management, and may not change the minds of those with a strong opinion against the efficacy of EMH.