Jeremy Grantham Says Bitcoin Will Quietly Disappear Over Years and Decades

Jeremy Grantham, co-founder of asset manager GMO, laid out a bearish view on Bitcoin.

In a CNBC interview on June 26, Grantham said Bitcoin would "slowly disappear over years and decades" and "go away quietly, not with a bang."

He called Bitcoin "a speculative asset with no intrinsic value." Grantham added that it is not a stable store of value and noted that it lost half its value during a strong economy for no particular reason.

Comparing Bitcoin with gold, he said the metal still posted solid gains over the same period even after retreating from its peak.

Grantham also criticized Bitcoin's practical use, saying people do not use it to buy dinner or pay for groceries. "All Bitcoin does is allow fraudsters to move money around," he said.