Billionaire investor Jeremy Grantham has made a shocking prediction about Bitcoin's future. The GMO co-founder and chief investment strategist, known for calling the dot-com bubble in 2000 and the housing market collapse before the 2008 global financial crisis, believes Bitcoin will crash to 'zero' over decades.
Grantham made this prediction during a CNBC interview on June 26. He compared Bitcoin unfavorably to gold, saying it has performed poorly in comparison to the precious metal. While Bitcoin's price has crashed 45% in a year, gold's price has surged 20% during the same period.
Grantham also pointed out that Bitcoin's use case is negligible, with nobody using it to pay for goods and services at restaurants or otherwise. He added that it is often used to facilitate illicit transactions, but clarified that his criticism does not extend to blockchain technology itself.