Billionaire investor Jeremy Grantham, co-founder of asset manager GMO, criticized bitcoin as a speculative asset lacking intrinsic value and practical use during an interview on CNBC’s Squawk Box on June 26, 2026 [1, 2, 3]. He said bitcoin is rarely used for everyday transactions such as buying dinner or shopping, but instead primarily enables criminals to move money without leaving traces. "People don't use it to make serious trades, they don't use it to buy their dinner and pay at the supermarket. What it does is allows crooks to move money around," Grantham said [1].

Grantham predicted bitcoin will fade away slowly over decades, "not with a bang but a whimper," adding, "[Over] years and years, decades and decades, it will dwindle away, I suspect" [1]. He called bitcoin unstable as a store of value, noting it recently halved in price without an obvious reason despite a strong economy [1].

Bitcoin's price has dropped about 52% from its October 2025 peak and hovered below $60,000 on June 26 [1, 2, 3]. The digital currency has experienced dramatic crashes before, falling more than 70% from peak in every bear market cycle [1, 2, 3].

Despite Grantham's bearish view, some institutional firms like BlackRock and Fidelity have promoted bitcoin spot exchange-traded funds (ETFs). This has raised interest in bitcoin among some market participants and increased its profile in institutional markets, contrasting Grantham's skepticism [2].

Grantham, who has a track record of correctly predicting major asset bubbles including the dot-com bust in 2000 and the 2008 financial crisis, also warned of a bubble in AI-related stocks. He said some tech and semiconductor shares could fall as much as 70% if the market reverts [4]. On June 26, Nasdaq and semiconductor indices declined sharply amid a tech sell-off driven partly by fears of an AI-driven bubble bursting [4].

Bitcoin’s ongoing decline comes amid this broader market volatility in technology sectors. Grantham’s warnings highlight investor concerns about speculative assets lacking solid fundamentals.

The next major update on bitcoin’s market trajectory is likely to come after the close of Q2 2026, as institutional ETF interest and broader investor reactions unfold.