Billionaire investor Jeremy Grantham, co-founder of GMO, doubled down on his criticism of cryptocurrencies, calling Bitcoin (CRYPTO: BTC) a speculative asset with no intrinsic utility and predicting it will gradually lose relevance over time.
A "Useless Speculative Mechanism"
Speaking on CNBC’s Squawk Box on June 27, Grantham dismissed Bitcoin as an unreliable store of value despite its strong long-term price appreciation.
"I think it’s a useless speculative mechanism," Grantham said.
Asked whether he believes Bitcoin ultimately goes to zero, Grantham replied that while it may not completely disappear, it will slowly fade away.
