Billionaire Grantham Uses Extreme Words to Describe Bitcoin

Jeremy Grantham, the GMO co-founder who called both the 2000 dot-com crash and the 2008 housing collapse, branded Bitcoin (BTC) a useless, speculative mechanism and predicted it would dwindle over the next few decades. The veteran strategist built his critique around three failures he sees in crypto. Bitcoin pays no yield, holds no stable value, and fails as a usable currency in daily life, he argued. Proof of Work, Proof of Nothing Grantham singled out Bitcoins proof-of-work design for particular scorn. The energy burned to validate transactions, he argued, generates no economic benefit for society. Proof of unnecessary work shouldnt be worth a bucket of warm spit, and it will not be. He made a name for himself by making brave calls, and seeing around corners. Today Jeremy Grantham made a rare TV appearance on Squawk Box with a warning for investors. Bitcoin Falls Short as Money and Store of Value Beyond the mining critique, he said Bitcoin does not work as a practical currency. Regular users do not accept it at the supermarket, and serious investors do not settle large transactions with it. Without a functioning transaction layer, the asset cannot claim monetary legitimacy, he added. He also dismissed Bitcoin as a store of value. Unlike equities, it pays no dividend and generates no cash flow. In his view, that leaves speculators with nothing to anchor a fair price. A Skeptic With a Record Granthams warnings carry weight because of his track record. He flagged the dot-com bubble before 2000 and warned of the US housing collapse before 2008. His more recent AI bubble stock warning extended that thesis to US equities, where he now sees downside of up to 70%. However, his timing is not always precise. His 2021 epic-bubble call on US stocks arrived early, as markets climbed before their 2022 correction. The Bitcoin remarks land as BTC trades near $60,500, down sharply from its late-2025 peak above $126,000. US spot BitcoinETF records outflowsof $6.35 billion over 30 days through mid-June, reflecting cooling institutional demand. Earlier, Coinbase CEOs Bitcoin outlook has also flagged AI infrastructure costs as a variable reshaping crypto capital flows. Bitcoin Price Chart in June 2026. Grantham is not alone in his skepticism. Peter Schiff has made similar bearish arguments, contending that Bitcoin holds no intrinsic value. Whether Bitcoins current price holds key support in Q3 2026 will test both camps. Grantham predicted the decline would come gradually, over years or even decades, not all at once.