Grantham Dismisses Bitcoin as 'Useless,' Points to 52% Decline From All-Time High

BTC0.82%
According to CNBC's 'Squawk Box' on Friday, billionaire investor Jeremy Grantham, co-founder of investment firm GMO, called cryptocurrency a 'useless, speculative mechanism,' predicting it will 'dwindle away' gradually rather than collapse suddenly. Grantham highlighted Bitcoin's instability as a store of value, noting its recent 52% decline from its all-time high of $126,080 reached last October—despite strong economic conditions. Bitcoin was recently trading at $60,529. 'People don't use it to make serious trades, they don't use it to buy their dinner,' Grantham said, while acknowledging blockchain technology itself could play a transformative role in the future.
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