Grantham's Core Critique: A Useless Speculation That Will Fade Away
On June 27, CNBC reported that billionaire investor and GMO co-founder Jeremy Grantham once again criticized Bitcoin, labeling it a 'useless speculative' asset with no intrinsic value. He predicted that Bitcoin will not suddenly 'go to zero' but will instead 'quietly die' as it becomes increasingly irrelevant over the coming years and decades. Grantham argued that Bitcoin has failed to function as a stable store of value—even in a strong economic environment, its price has inexplicably halved, while gold, despite retreating from its highs, has posted solid gains over the same period. He added that Bitcoin has neither proven itself as a useful speculative vehicle nor demonstrated any real-world utility. 'People don't use Bitcoin for dinner or supermarket shopping,' he said. 'Its only role is to help criminals move money.'
Bitcoin's Current Struggles and Historical Bear Market Patterns
Grantham's remarks come amid a persistent downturn in Bitcoin markets. The leading cryptocurrency is currently trading around $60,000, down approximately 52% from its October 2026 all-time high. Many analysts and investors expect this weak price action to continue for several more months. Historically, Bitcoin's price cycles have been characterized by brutal bear markets—each cycle has seen Bitcoin decline by at least 70% from its peak. Grantham's bearish outlook aligns with that of longtime skeptics who argue that Bitcoin's 'digital gold' narrative remains unproven, and its high volatility and speculative nature prevent it from becoming a mainstream financial asset.