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Billionaire Jeremy Grantham: Bitcoin will not suddenly "go to zero," but will quietly die out.
BlockBeats news, June 27, according to CNBC, billionaire investor and co-founder of GMO Jeremy Grantham once again criticized Bitcoin, calling it a "useless speculative" asset with no intrinsic value, and predicts it will gradually become irrelevant over the next few years or even decades. Grantham stated, "It will slowly die out—not with a bang, but with a whimper." He said Bitcoin is not a stable form of value; it has halved for no clear reason even during a strong economic environment, so it cannot be relied upon as a store of value.
Grantham also said that during the same period, gold recorded steady gains even after retreating from its highs. He believes Bitcoin has neither proven itself a useful speculative asset nor provided real-world utility. He said people do not use Bitcoin for serious transactions, nor do they use it to pay for dinner or supermarket shopping. "Its purpose is to allow criminals to move funds."
Bitcoin has historically been characterized by severe bear market pullbacks, falling at least 70% from its highs in each cycle. Currently, Bitcoin is down about 52% from its October highs, hovering around $60,000. Many investors believe the current price slump may last for several more months.