Bitcoin (CRYPTO: BTC) is 48% below its October 2025 all-time high of $126,080, and the drawdown has, quite predictably, been rocket fuel for crypto skeptics. One critic, Jeremy Grantham, the billionaire co-founder of GMO who also predicted the 2008 financial crisis, went on CNBC’s Squawk Box in late June to declare the coin a “useless, speculative” asset that will “dwindle away, I suspect, not with a bang, but a whimper” over the course of the coming decades.

He is in good company with that position. Warren Buffett called Bitcoin “rat poison squared,” and Charlie Munger, Buffett’s investing partner, held similar views. Yet these illustrious investors are all probably wrong on multiple counts. Here’s why.