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 said of its future. “Not with a bang, but with a whimper.” 

Grantham highlighted Bitcoin’s instability as a store of value, pointing to its recent drawdown—a 52% decline from its all-time high of $126,080 set last October, despite strong economic conditions and gold notching sizable gains during the same timeframe.

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