Billionaire investor Jeremy Grantham is not investing in cryptocurrency. The co-founder of GMO made his position clear during a recent broadcast appearance, calling crypto a “useless, speculative mechanism.”
He predicted the asset class would not end with a dramatic crash. “Not with a bang, but with a whimper,” Grantham said, forecasting it will “dwindle away.”
Grantham pointed to Bitcoin’s instability as a store of value. He noted Bitcoin has fallen significantly from its all-time high despite favorable economic conditions, while gold recently reached new records.
“You can’t depend on it,” he stated. He argued people do not use Bitcoin for serious trades or daily purchases, and claimed its primary utility is facilitating illicit movement of money.
While acknowledging blockchain technology’s potential, Grantham kept his criticism focused on cryptocurrencies. His comments echo recent skepticism from other major investors regarding Bitcoin’s performance compared to traditional assets like gold.