Svmuu News: Billionaire investor Jeremy Grantham said in an interview with CNBC’s “Squawk Box” that Bitcoin, and the entire crypto industry lack long-term value and will, in the future, “not come crashing down, but fade away quietly (not with a bang, but with a whimper).”
As co-founder of the investment firm GMO, Grantham called cryptocurrencies a “useless and purely speculative tool” and questioned their reliability as a store of value. He pointed out that Bitcoin has recently retreated by about 52% from its all-time high but still exhibits high volatility even during periods of relative macroeconomic stability.
Jeremy Grantham emphasized that crypto assets are not widely used in real-world payment scenarios: “People don’t use them for important transactions, nor do they use them to buy dinner at the supermarket.” Instead, he argued, they primarily serve the need for anonymous capital flows. Nevertheless, he acknowledged that the underlying blockchain technology may hold some transformative potential, but he clearly distinguished this from his assessment of the value of cryptocurrencies themselves, such as Bitcoin.In the market, Bitcoin has recently remained under pressure and has been fluctuating, with a short-term decline of approximately 17%. Previously, another billionaire investor, Mark Cuban, also stated that Bitcoin had failed to serve as an ideal hedging tool and reduced his holdings. (Decrypt)