It’s just the prejudice of old-school investors. Every time a new wave of technology comes along, someone shouts “no practical use”—and haven’t they already been slapped in the face enough times?

CoinWorld News, GMO co-founder Jeremy Grantham stated that Bitcoin and other cryptocurrencies are "speculative tools with no practical use" and will gradually decline in the long term, rather than ending in a dramatic way. He believes that Bitcoin has fallen more than 50% from its historical high recently, and even though the economic environment is relatively strong and gold prices have risen significantly during the same period, it has failed to prove its reliable store of value function. Additionally, he said that Bitcoin has not yet been widely used for daily payments, but may be used for illegal fund transfers. However, Grantham believes that the underlying blockchain technology may still play an important role in the future.