In brief
- Billionaire Jeremy Grantham is skeptical about crypto’s place in the financial world, calling it “useless” and a “speculative mechanism.”
- Grantham noted Bitcoin’s recent fall despite strong economic conditions, highlighting its instability as a store of value.
- Bitcoin was recently trading more than 50% off its all-time high of $126,080.
Billionaire investor Jeremy Grantham won’t be adding crypto to his portfolio any time soon.
Grantham, the co-founder of investment firm GMO, made his position on the asset class well known in an appearance on CNBC’s “Squawk Box” on Friday, where he called crypto a “useless, speculative mechanism.”
“Years and years, decades and decades—it will dwindle away, I suspect,” Grantham…
