Jeremy Grantham calls cryptocurrency useless, predicts fade

Veteran investor Jeremy Grantham has renewed his sharp criticism of Bitcoin, labeling the cryptocurrency a "useless, speculative mechanism" that he predicts will fade into irrelevance over the coming decades. Grantham, co-founder of investment firm GMO, made the remarks during an appearance on CNBC's "Squawk Box" on Friday, June 26, 2026.

Grantham built his critique on three core failures he sees in Bitcoin: it pays no yield, holds no stable value, and fails as a usable currency. He argued that the asset's proof-of-work design consumes vast energy for no broader economic benefit, a process he derided as "proof of unnecessary work." He also dismissed its practicality, noting that people do not use it for serious trades or daily purchases like groceries. Instead, he contended its primary utility is enabling anonymous transactions, saying it "allows crooks to move money around without leaving a trace."

The investor contrasted Bitcoin's performance with that of gold, which he noted has delivered solid long-term gains even after a recent pullback. Bitcoin, by comparison, has fallen sharply from its peak. At the time of his comments, Bitcoin was trading near $60,000, down...