Foreign media: Jeremy Grantham, co-founder of the GMO, again criticized Bitcoin for its lack of intrinsic value and for its lack of stable value storage. In CNBC, he suggested that bitcoin could fade out of the market for years, if not decades.
Long-term perspective unchanged
Grantham has been known for being alert to asset bubbles. This time, he continues the negative judgement of the Bitcoin, which is more like a speculative instrument than a reliable asset.
He added that bitcoin would also fluctuate significantly in a strong economic environment, suggesting that it would be difficult for the market to use it as a target for stable holdings. In contrast, he believed that gold retained a stronger performance over a longer period of time.
To question its usefulness.
Grantham believes that bitcoin does not have a visible reality scenario. According to him, people do not use it to complete daily consumption or important transactions.
He added that bitcoin was more often used for money transfers than for routine payments. That was one of the reasons why he judged his long-term appeal to be limited.
Price still under pressure.
It was reported that bitcoin had withdrawn at least 70 per cent from its high points in the past cycle. It is still below $60 million, about 52 per cent above the high point of October.
Some investors believe that this round of adjustments may continue for months.