Legendary Wall Street investor says BTC will slowly disappear

Jeremy Grantham, co-founder of major Wall Street asset management firm GMO, told CNBC that Bitcoin will slowly fade away over years or decades rather than collapsing suddenly. He described the cryptocurrency as a useless, speculative asset with no intrinsic value and not a stable form of value. Grantham pointed out that its price was cut in half for no particular reason even during an economic boom, whereas gold maintained a solid upward trend over the same period despite falling from its peak. He argued that Bitcoin has failed to prove its usefulness even for speculation and offers no practical utility, noting that people do not use it to buy dinner or pay for groceries. The only thing Bitcoin does, Grantham asserted, is help criminals move money around.