Billionaire Jeremy Grantham Turns Bearish on Crypto Again: Bitcoin Will "Fade Away Quietly"

Odaily News Billionaire investor Jeremy Grantham said in an interview with CNBC's "Squawk Box" that Bitcoin and the entire crypto asset industry lack long-term value and will "not with a bang, but with a whimper" in the future.

As co-founder of investment firm GMO, Grantham called crypto assets a "useless and purely speculative tool" and questioned their reliability as a store of value. He pointed out that Bitcoin has recently retreated about 52% from its all-time high but still exhibits high volatility during periods of relative macroeconomic stability.

Jeremy Grantham emphasized that crypto assets have not been widely adopted for actual payment scenarios, stating, "People don't use them for important transactions, nor do they buy dinner with them at the supermarket." Instead, they primarily serve the need for anonymous capital flows. Nevertheless, he acknowledged that the underlying blockchain technology may have some transformative potential, but he clearly distinguished this from the value judgment of Bitcoin and other cryptocurrencies themselves. In the market, Bitcoin has recently remained under pressure and volatile, with a short-term decline of about 17%. Previously, another billionaire investor, Mark Cuban, also stated that Bitcoin had failed to serve as an ideal hedge and reduced his holdings. (Decrypt)