Jeremy Grantham used a CNBC appearance to renew his long-running criticism of Bitcoin, calling the asset useless, speculative and unlikely to survive as a serious store of value.
The GMO co-founder said Bitcoin will “dwindle away” over years or decades, not collapse in one sudden crash. He also argued that Bitcoin has not proved itself as money, a reliable store of value or a practical medium of exchange for everyday transactions.
Grantham’s criticism was blunt. He said people do not use Bitcoin to buy dinner or pay at supermarkets, and argued that its main practical use is helping criminals move money. The comments put him back on the side of traditional finance skeptics who reject Bitcoin’s digital-gold thesis and treat the asset as a speculative cycle product.
The remarks landed while Bitcoin was still fighting to hold the $60,000 area. BTC recently traded near $60,294, with an intraday low near $58,761 and an intraday high near $60,621.
Bitcoin Weakness Gives Skeptics A New Opening
Grantham’s comments arrived during another weak stretch for Bitcoin. BTC recently slipped below $60,000 again as large wallets sold 45,074 BTC over an eight-day window, adding pressure near one of the market’s most important support zones.
The latest decline gives Bitcoin critics a cleaner market backdrop than they had during stronger phases of the cycle. Bitcoin advocates still point to fixed supply, spot ETF access, institutional custody and corporate treasury demand. Skeptics like Grantham focus on volatility, lack of cash flow, uneven payment usage and the fact that Bitcoin can lose half its value in a strong economy.
That store-of-value debate has become harder to separate from current market structure. Bitcoin’s U.S. demand signal has also weakened, with the Coinbase premium staying below zero for 46 straight days as ETF demand slowed and larger-holder distribution continued.
The market has not produced a clean washout signal either. Recent realized-loss data kept Bitcoin’s bottom call unsettled, with losses still below prior capitulation waves. That leaves the low-$60,000 area exposed to both technical pressure and louder criticism from traditional market figures.
Store-Of-Value Fight Stays Open
Grantham’s argument is not new, but the timing makes it sharper. Bitcoin is no longer a small fringe asset. It trades through spot ETFs, sits on corporate balance sheets, clears billions in daily volume and remains the largest crypto asset by market value. The same scale also makes every large drawdown more visible to mainstream investors.
The opposing view is that Bitcoin does not need to replace supermarkets, cards or bank transfers to survive. Supporters treat it as a scarce settlement asset, a long-duration monetary hedge and a portable reserve outside traditional banking rails. Grantham rejects that framing and sees a speculative asset with no intrinsic value.
The debate now sits between adoption and price behavior. Bitcoin has gained institutional access that earlier critics said would never arrive, but it still trades with the kind of volatility that gives those critics fresh ammunition during every major selloff.
BTC traded near $60,294 after falling as low as $58,761 intraday. Grantham’s latest warning now lands with Bitcoin still trying to defend the $60,000 area, while skeptics point to volatility and weak payment usage and bulls continue to defend the asset’s scarcity and institutional adoption case.
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