Grantham Slams Bitcoin as 'Useless' Amidst Price Plunge and ETF Outflows
Legendary investor Jeremy Grantham is doubling down on his bearish Bitcoin call, labeling it a 'useless, speculative mechanism' destined to 'dwindle away.' His comments come as BTC faces a brutal drawdown, with ETF outflows and macro headwinds piling on the pressure.
Jeremy Grantham, the famed bubble-spotter, just reiterated his call that Bitcoin is a 'useless, speculative mechanism' set to 'dwindle away with a whimper.' He sees no intrinsic value, claiming it only facilitates fraud and will eventually fall to zero, not with a bang but a slow fade. Grantham’s critique lands as Bitcoin grapples with a severe drawdown, shedding over 50% from its ATH, currently testing critical support zones. U.S. spot Bitcoin ETFs have seen four consecutive days of net outflows totaling over $113 million, adding to the bearish sentiment. Macro fears are also at play, with hawkish Fed signals and geopolitical tensions spooking risk assets and pushing inflation concerns higher. Despite the gloom, some billionaires are doubling down, like Ricardo Salinas Pliego, who has 70% of his portfolio in BTC, viewing it as a superior store of value to fiat and gold.