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GMO co-founder Jeremy Grantham stated that Bitcoin and other cryptocurrencies are "speculative tools with no practical use" and will gradually decline over the long term rather than ending dramatically. He believes that Bitcoin's recent drop of more than 50% from its all-time high, even as the economic environment remained strong and gold prices surged significantly, fails to prove its reliability as a store of value. Additionally, he noted that Bitcoin has not been widely adopted for everyday payments and may instead be used for illicit fund transfers. However, Grantham thinks the underlying blockchain technology may still play an important role in the future. (Decrypt)