Renowned investor Jeremy Grantham, co-founder of asset management firm GMO and recognized for his expertise in identifying market bubbles, has reiterated his skepticism regarding Bitcoin. He characterized the cryptocurrency as a “useless, speculative mechanism” that is destined for a gradual decline into obscurity.
During an appearance on CNBC’s Squawk Box, Grantham forecasted that Bitcoin will “dwindle away, I suspect — not with a bang, but a whimper.” He emphasized that he has never owned Bitcoin and forecasted its potential descent to zero, attributing this to a slow erosion of interest over many years rather than a sudden market crash.
“All Bitcoin does is allow fraudsters to move money around,” he remarked.
Grantham cited Bitcoin’s volatility as evidence against its viability as a store of value. He pointed out that the coin “halved for no particular reason in a strong economy,” a critique that is particularly relevant given Bitcoin’s current market position.
In contrast, Grantham highlighted that gold has consistently delivered substantial gains during the same time frame.
It is worth noting that Grantham’s perspective may hold merit, as the recent selloff has been pronounced. Bitcoin reached an all-time high of nearly $126,000 in October 2025 but has since lost more than 50% of its value, with trading around the $60,000 range as of Friday. Analysts now view this level as a critical support zone, where a breach could potentially lead to prices in the $40,000s.
In mid-June, Bitcoin fell toward $62,000 as hawkish signals from the Federal Reserve unsettled risk markets. Heightened geopolitical tensions between the U.S. and Iran have also contributed to rising oil prices and rekindled inflation concerns, leading Fed officials to reconsider rate cuts, with some suggesting the possibility of rate increases. Furthermore, U.S. spot Bitcoin ETFs experienced four consecutive days of net outflows, totaling approximately $113.8 million.
Bitcoin’s attempts to regain higher prices encountered resistance at its 200-day moving average, resulting in an approximate 30% decline from that level. This current drawdown ranks among the fifth worst in Bitcoin’s history, testing the resolve of long-term holders. Nevertheless, some institutional investors view the dip as an opportunity for entry, with Coinbase reporting increased buying activity from major institutions during this downturn.
Another Billionaire Bets Big on Bitcoin
Conversely, Mexican billionaire Ricardo Salinas Pliego has made a substantial commitment to Bitcoin, allocating 70% of his investment portfolio to the cryptocurrency—an increase from 10% in 2020. He has even persuaded his wife to mortgage their home for additional purchases.
Salinas Pliego, the founder of Grupo Salinas, attributes his skepticism towards fiat currencies to discussions during family dinners regarding Nixon’s termination of the gold standard. He perceives Bitcoin as superior to both cash and gold, considering it unseizable and borderless.
His conviction remains steadfast despite a $150 million loan scam, regulatory challenges pertaining to his ambitions to establish Banco Azteca as Mexico’s inaugural Bitcoin-accepting bank, and various market cycles.
He recently referenced a decade of London property price trends as evidence for his thesis, noting that a home which cost 4,000 BTC in 2016 is now valued at fewer than 30 BTC. Salinas Pliego advocates for ordinary investors to convert their home equity into Bitcoin exposure, describing it as “an asymmetrical bet to the upside.”
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