🔴 Grantam called Bitcoin a “useless speculative mechanism” and predicted a long decline
Jeremy Grantam, the legendary investor who predicted the dot-com crashes and the 2008 mortgage market collapse, has just launched a verbal attack on Bitcoin, calling it a “useless speculative mechanism.” He is betting on a multi-decade fall in BTC, citing the fact that it has no income, stable value, or utility as a daily currency. Grantam specifically criticized Bitcoin’s proof-of-work mechanism, arguing that the energy spent brings no public economic benefit. He considers “proof of unnecessary work” to be useless. The pessimistic forecast from the veteran strategist appears at a time when Bitcoin is trading significantly below its highs, while spot Bitcoin ETFs in the US are losing billions due to outflows over the past month. This skepticism echoes the sentiments of other prominent “bears,” setting the stage for a possible test of key BTC support levels in Q3.
📊 Grantam’s pessimistic statements, although they don’t move markets immediately, add to the narrative of declining institutional interest and could put pressure on BTC and altcoins if sentiment shifts sharply. Expect increased volatility around key support levels.
Is Grantam’s prediction of a multi-decade collapse in BTC a contrarian signal or a sign of the end? 👇
#bitcoin #grantham #etf #outflows #speculation
Jeremy Grantam, the legendary investor who predicted the dot-com crashes and the 2008 mortgage market collapse, has just launched a verbal attack on Bitcoin, calling it a “useless speculative mechanism.” He is betting on a multi-decade fall in BTC, citing the fact that it has no income, stable value, or utility as a daily currency. Grantam specifically criticized Bitcoin’s proof-of-work mechanism, arguing that the energy spent brings no public economic benefit. He considers “proof of unnecessary work” to be useless. The pessimistic forecast from the veteran strategist appears at a time when Bitcoin is trading significantly below its highs, while spot Bitcoin ETFs in the US are losing billions due to outflows over the past month. This skepticism echoes the sentiments of other prominent “bears,” setting the stage for a possible test of key BTC support levels in Q3.
📊 Grantam’s pessimistic statements, although they don’t move markets immediately, add to the narrative of declining institutional interest and could put pressure on BTC and altcoins if sentiment shifts sharply. Expect increased volatility around key support levels.
Is Grantam’s prediction of a multi-decade collapse in BTC a contrarian signal or a sign of the end? 👇
#bitcoin #grantham #etf #outflows #speculation