Foreign media: Jeremy Grantham, a billionaire investor, stated in CNBC that he would not include encrypted money in his portfolio. He described such assets as “unuseful instruments of speculation” and judged that their long-term prospects would be weakened.
Challenge the value of bitcoin
Grantham said that bitcoin could hardly be used as a reliable value storage tool. According to the text, bitcoin has fallen by about 52 per cent above the US$ 126,080 created in October last year, while gold has continued to strengthen during the same period.
He also mentioned that bitcoin had seen a significant decline in the recent period in a strong economic environment. In his view, that meant that it was not fit to assume the role of stabilizing assets.
Considers that the encryption currency lacks real use
Grantham stated that people would not make important trades in bitcoin and would not buy it for daily meals or pay for it at supermarkets. In his view, such assets served more speculative needs than payment scenarios.
He further stated that Bitcoin was “very good” at helping to move funds without leaving a trail. The article also mentions that he does not deny that the technology at the bottom of the block chain could work in the future.
The market is still under pressure.
It is also written that bitcoin has fallen by 17 per cent in the last month, with the latest transaction price of about $60,529. It was also mentioned that the investor Mark Kuban had indicated last month that Bitcoin was not a gold substitute as he expected.