Grantham Slams Bitcoin as 'Useless Speculative Mechanism,' Predicts Long Decline
Veteran investor Jeremy Grantham, famous for calling major market tops, just trashed Bitcoin as a "useless, speculative mechanism." He argues BTC offers no yield, no stable value, and fails as a currency, predicting a multi-decade decline. This comes as Bitcoin ETFs see significant outflows.
Jeremy Grantham, the legendary investor who nailed the dot-com and 2008 housing crashes, just unleashed a verbal assault on Bitcoin, calling it a "useless, speculative mechanism." He's betting on a multi-decade decline for BTC, citing its lack of yield, stable value, and utility as a daily currency. Grantham specifically blasted Bitcoin's proof-of-work, claiming the energy spent generates zero societal economic benefit. He sees "proof of unnecessary work" as worthless. The veteran strategist's bearish call lands as Bitcoin trades well off its highs and US spot Bitcoin ETFs are bleeding billions in outflows over the past month. This skepticism echoes sentiments from other prominent bears, setting the stage for a potential Q3 test of key BTC support levels.