Billionaire Investor Jeremy Grantham Calls Bitcoin a Useless, Speculative Asset. Here's Why He's Wrong.

Bitcoin (CRYPTO: BTC) is 48% beneath its October 2025 all-time precocious of $126,080, and the drawdown has, rather predictably, been rocket substance for crypto skeptics. One critic, Jeremy Grantham, the billionaire co-founder of GMO who besides predicted the 2008 fiscal crisis, went connected CNBC's Squawk Box successful precocious June to state the coin a "useless, speculative" plus that volition "dwindle away, I suspect, not with a bang, but a whimper" implicit the people of the coming decades.

He is successful bully institution with that position. Warren Buffett called Bitcoin "rat poison squared," and Charlie Munger, Buffett's investing partner, held akin views. Yet these illustrious investors are each astir apt incorrect connected aggregate counts. Here's why.

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One halfway assertion doesn't clasp up

There's 1 assertion successful peculiar among Grantham's galore criticisms of Bitcoin that shows his knowing of the plus is meaningfully incomplete.

"All Bitcoin does is let fraudsters to determination wealth around," Grantham told CNBC. At 1 point, that mightiness person been true, but it isn't anymore.

Chainalysis, the starring blockchain analytics company, reported successful its 2026 Crypto Crime Report that stablecoins present relationship for 84% of illicit on-chain volume, arsenic criminals migrate distant from Bitcoin's imperishable and publically searchable ledger toward different assets.

This straight refutes Grantham's claim. The traceability of Bitcoin's ledger is apt wherefore criminals person moved on.

Now, let's crook to Grantham's much substantive attacks.

The much superior critique doesn't enactment either

Grantham's stronger constituent is that Bitcoin's terms collapsed aft October 2025 contempt a beardown banal market. That's true, but owning Bitcoin was ne'er a stake connected stability.

Its cardinal worth rests connected 2 pillars: a hard-capped proviso of 21 cardinal BTC that volition ever exist, and the regular halving of the mining reward. Over time, erstwhile those pillars bash their job, they make a concern successful which nett request from semipermanent buyers has historically outpaced caller proviso from miners and forced sellers.

Those pillars bash not warrant that Bitcoin volition emergence oregon autumn astatine immoderate fixed moment, oregon that it volition support immoderate circumstantial terms level. They lone enactment to bias the asset's terms toward the upside implicit the agelong run, and erstwhile it's denominated successful fiat currencies, which are taxable to inflation.