BlockBeats News, June 27 – According to CNBC, billionaire investor and GMO co-founder Jeremy Grantham has once again lashed out at Bitcoin, describing it as a 'useless speculation' asset with no intrinsic value. He predicts Bitcoin will not disappear with a sudden crash but will gradually become irrelevant over the next several years or even decades.
Grantham's Core Argument: A Slow Fade, Not a Crash
Grantham stated, 'It will fade away gradually, not with a bang but with a whimper.' He argues that Bitcoin is not a stable form of value – even in a strong economic environment it can halve without clear reason – and therefore cannot be relied upon as a store of value. He further claims that Bitcoin has neither proven itself a useful speculative asset nor provided real-world utility. 'People don't use it for serious transactions, they don't pay for dinner or supermarket shopping with it – its role is to allow criminals to transfer money,' Grantham added.
Market Data and Historical Patterns: Bitcoin's Current Situation
Bitcoin has a history of brutal bear market corrections, with each cycle experiencing a decline of at least 70% from its peak. Currently, Bitcoin is trading around $60,000, approximately 52% below its October 2025 all-time high. Many investors believe the current price slump could persist for months. Grantham's comments come at a time when market sentiment is already fragile. Bitcoin has failed to act as a safe haven during economic uncertainty as some proponents had hoped, instead moving in tandem with risk assets.
Gold Comparison: Traditional Safe Haven Still Holds Up
Grantham contrasted Bitcoin's performance with that of gold. Even though gold has retreated from its own highs, it still recorded solid gains over the same period. He emphasized that gold has been historically validated as a store of value, while Bitcoin has yet to prove it can fulfill that role. Grantham's remarks represent a typical traditional financial critique of cryptocurrencies, questioning their fundamental value and long-term viability.
It is worth noting that this is not the first time Grantham has been bearish on Bitcoin. He previously predicted Bitcoin would go to zero in 2022 and has repeatedly warned about the crypto bubble. While Bitcoin has recovered from every previous bear market, Grantham believes this cycle may be different due to increasing regulatory scrutiny, cooling institutional interest, and the rise of competing cryptocurrencies that erode Bitcoin's unique position.