Jeremy Grantham Predicts Bitcoin Will Quietly Fade Into Irrelevance

Veteran investor and GMO co-founder Jeremy Grantham has renewed his criticism of Bitcoin, doubling down on his prediction that the world's leading cryptocurrency will eventually disappear — not in a dramatic collapse, but through a slow and quiet erosion of relevance.

Appearing on CNBC's Squawk Box, Grantham described Bitcoin as a "useless, speculative mechanism" and stated plainly that he expects it to "dwindle away — not with a bang, but a whimper." The billionaire, widely respected on Wall Street for his ability to identify financial bubbles, confirmed he has never held Bitcoin and maintains his long-held view that its value will ultimately reach zero over time.

Grantham took aim at Bitcoin's volatility as a fundamental flaw that disqualifies it from being considered a legitimate store of value. He highlighted that the asset had lost roughly half its value without any clear macroeconomic trigger — a damning observation for those who argue Bitcoin belongs alongside traditional safe-haven assets. In contrast, he noted that gold has performed steadily over the same timeframe.

The timing of his remarks carries weight. Bitcoin surged to an all-time high of approximately $126,000 in October 2025, only to shed more than 50% of that peak value in the months that followed. As of late June 2026, BTC was trading around $60,000 — a level analysts view as a pivotal support zone. A sustained break below this threshold, experts warn, could open the door to prices in the $40,000 range.

The mid-June decline toward $62,000 was driven by a combination of hawkish signals from the Federal Reserve and rising geopolitical tensions between the United States and Iran. Higher oil prices stoked inflation concerns, pushing Fed officials to shelve any discussion of rate cuts — with some even suggesting the possibility of rate hikes. This risk-off sentiment hit crypto markets hard, with U.S.-listed spot Bitcoin ETFs recording four straight days of net outflows totaling approximately $113.8 million.

Technical factors compounded the pressure. Bitcoin's rally attempt was blocked by the 200-day moving average, which acted as firm resistance and triggered a pullback of nearly 30% from that ceiling. The current drawdown ranks among the five worst in Bitcoin's history. Despite this, some institutional players appear to be treating the weakness as an opportunity, with Coinbase reporting significant buying activity from large-scale investors during the dip.

Not everyone shares Grantham's pessimism. Mexican billionaire Ricardo Salinas Pliego sits at the opposite end of the spectrum. The Grupo Salinas founder has allocated 70% of his investment portfolio to Bitcoin — a dramatic increase from just 10% in 2020. His conviction runs so deep that he reportedly persuaded his wife to take out a mortgage on their home in order to acquire more BTC.

Salinas Pliego's distrust of fiat currency stems from early conversations about Nixon's decision to end the gold standard, and he views Bitcoin as superior to both cash and gold due to its borderless, seizure-resistant nature. His belief has been tested repeatedly — including by a $150 million loan fraud, regulatory resistance to his plans to make Banco Azteca the first Bitcoin-accepting bank in Mexico, and multiple brutal market cycles.

To illustrate his thesis, Salinas Pliego recently pointed to London real estate: a property that cost 4,000 BTC in 2016 can now be purchased for fewer than 30. He actively encourages everyday investors to consider converting home equity into Bitcoin exposure, describing it as an "asymmetrical bet to the upside."

The contrasting views of Grantham and Salinas Pliego reflect the enduring divide in how the world's wealthiest investors interpret Bitcoin — as a fading speculative experiment or as the financial infrastructure of the future.