GMO Co-Founder Jeremy Grantham Says Bitcoin Will Quietly Disappear Over Years or Decades
Summary
- Jeremy Grantham said Bitcoin would quietly disappear over years and decades.
- He described Bitcoin as a speculative asset with no intrinsic value and said it lost half its value even during an economic boom.
- Grantham said gold still posted solid gains over the same period, and criticized Bitcoin as having little real-world use beyond serving as a tool for fraudsters to move money around.
Forecast Trend Report by Period
Jeremy Grantham, co-founder of asset manager GMO, voiced a bearish view on Bitcoin.
In a CNBC interview on June 26, Grantham said Bitcoin would "slowly disappear over years and decades." It would fade "quietly, not with a bang," he said.
He described Bitcoin as "a speculative asset with no intrinsic value." It is not a stable store of value, he added, noting that it lost half its value during an economic boom for no particular reason.
Comparing it with gold, Grantham said the metal still posted solid gains over the same period even after retreating from its peak.
He also criticized Bitcoin's real-world use, saying people do not use it to buy dinner or pay for groceries. Its only function, he said, is to help fraudsters move money around.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.