In a recent appearance on CNBC's 'Squawk Box,' Jeremy Grantham reiterated his long-standing criticism of bitcoin, describing it as a 'useless, speculative' asset that lacks intrinsic value.
He emphasized that bitcoin has not demonstrated superior performance during bull markets and questioned its practical applications, stating that it is not used for significant transactions like grocery purchases.
Grantham pointed out that bitcoin's volatility undermines its reliability as a store of value, noting its recent price drop of over 52% from its October peak, which currently places it below $60,000. He contrasted bitcoin's performance with that of gold, which he claims has provided solid gains despite recent pullbacks.
Grantham's remarks reflect a broader skepticism in the investment community regarding bitcoin's long-term viability, particularly given its history of dramatic price declines, often exceeding 70% from peak to trough in previous cycles. This perspective may influence investor sentiment and market dynamics surrounding cryptocurrencies