Bitcoin experiences another decrease in value. A skeptical investment strategist criticizes it as ‘useless’.
June 27, 2026
Bitcoin faced another drop in value when it closed at just $59,948 on Friday, marking a 19% decrease in June and more than a 50% decrease from its peak of $124,310 in October. Renowned bitcoin skeptic Jeremy Grantham, the 87-year-old co-founder and chief investment strategist of asset-management firm GMO, expressed his pessimism on the digital currency, predicting its slow fade into irrelevance over the coming decades.
Grantham, known for his expertise in identifying asset bubbles, referred to Bitcoin as a “useless, speculative” asset lacking intrinsic value. Speaking on CNBC’s “Squawk Box,” Grantham highlighted his concerns about Bitcoin’s performance during bull markets and its questionable practical application. He asserted that Bitcoin’s value would gradually diminish, explaining, “It’s not a stable form of value – it just halved…for no particular reason in a strong economy, so you can’t depend on it in that way.”
Comparing Bitcoin to gold, Grantham emphasized the latter’s consistent growth despite some setbacks. In his view, Bitcoin not only fails to serve as a reliable asset for speculation but also lacks real-world usability. Grantham contended that individuals do not utilize Bitcoin for significant transactions such as purchasing goods or services, suggesting its primary function as a tool for unlawful financial transactions.
Bitcoin has a history of volatile price fluctuations, with significant drops occurring, leading to a cumulative decline of at least 70% from its peak in every cycle. The current price decline has raised concerns among investors who anticipate a prolonged slump in Bitcoin’s value in the coming months.
Despite the ongoing fluctuations in Bitcoin’s value, Grantham’s skepticism and criticism of the digital currency’s long-term viability shed light on the challenges it faces in gaining broader acceptance as a legitimate investment option. As the market continues to monitor Bitcoin’s performance, the contrasting views on its future highlight the uncertainties surrounding the cryptocurrency’s trajectory, leaving investors cautious about its potential risks and rewards in the evolving financial landscape.