Billionaire Jeremy Grantham: Bitcoin will not suddenly "zero" but will die out quietly

On June 27, CNBC reported that billionaire investor and GMO co-founder Jeremy Grantham once again criticized Bitcoin, calling it a "useless speculative" asset with no intrinsic value, and expected it to gradually become irrelevant in the next few years and even decades. Grantham said: "It will gradually die out, not suddenly, but quietly." It stated that Bitcoin is not a stable form of value and is still chopped for no clear reason in a strong economic environment, so it cannot be relied on as a store of value. Grantham also said that even if gold fell back from its high point during the same period, it still recorded solid gains. He believes that Bitcoin has neither proven itself to be a useful speculative asset nor provided real-world utility. It said people would not use Bitcoin for serious transactions, nor would they use it to pay for dinner or supermarket shopping,"its role is to allow criminals to transfer money." Bitcoin has historically been known for its severe bear market retracements, falling at least 70% from its high point in each cycle. Bitcoin is currently down about 52% from its October high and hovers around $60,000, and many investors believe the current price downturn may last for several months.