Renowned billionaire investor Jeremy Grantham has reiterated his long-standing criticism of Bitcoin (BTC). Grantham, co-founder of GMO, said that Bitcoin will lose its importance over time an
Renowned billionaire investor Jeremy Grantham has reiterated his long-standing criticism of Bitcoin (BTC). Grantham, co-founder of GMO, said that Bitcoin will lose its importance over time and will decline “quietly, not with a noisy crash” within decades.
Speaking on CNBC’s “Squawk Box,” Grantham described Bitcoin as a “useless and speculative” asset. Arguing that Bitcoin lacks intrinsic value, the veteran investor claimed that BTC hasn’t performed as expected, even during a strong bull market.
Grantham stated, “I think it will slowly disappear over the years and decades; not with a big bang, but subtly. It’s not a stable store of value. It lost half its value in a strong economy for no apparent reason, so you can’t rely on it in that sense.”
Grantham, who also criticized Bitcoin’s use cases, said that the cryptocurrency has failed to become a widespread payment method in daily life. According to Grantham, people don’t use Bitcoin for serious business transactions, buying dinner, or paying at the grocery store.
Grantham argued that one of Bitcoin’s primary use cases is for illicit money transfers, stating, “What it does is allow criminals to move money.”
*This is not investment advice.
Continue Reading: Famous Billionaire Jeremy Grantham Harshly Criticized Bitcoin: “Not a Noisy Crash, but a Quiet Decline”
