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Jeremy Grantham renewed his long-running criticism of bitcoin
, predicting it will gradually fade into irrelevance over decades.
The co-founder of investment firm GMO and a longtime market commentator known for his calls on asset bubbles, said bitcoin is a "useless, speculative" asset without intrinsic value, speaking on CNBC's "Squawk Box" Friday. He also said bitcoin hasn't outperformed during a bull market and questioned its practical use.
"[Over] years and years, decades and decades, it will dwindle away, I suspect – not with a bang, but a whimper," he said. "It's not a stable form of value – it just halved … for no particular reason in a strong economy, so you can't depend on it in that way."
