Jeremy Grantham, the GMO co-founder who called both the 2000 dot-com crash and the 2008 housing collapse, branded Bitcoin (BTC) “a useless, speculative mechanism” and predicted it would dwindle over the next few decades. The veteran strategist built his critique around three failures he sees in crypto. Bitcoin pays no yield, holds no stable value, and fails as a usable currency in daily life, he argued. Proof of Work, Proof of Nothing Grantham singled out Bitcoin’s proof-of-work design for particular scorn. The energy burned to validate transactions, he argued, generates no economic benefit for society. “Proof of unnecessary work shouldn’t be worth a bucket of warm spit, and it will not be.” He made a name for himself by making brave calls, and seeing around corners. Today Jeremy Grantham made a rare TV appearance on Squawk Box with a warning for investors. https://t.co/QNxCC0nioL pic.twitter.com/i5dpQRgV1Q — Squawk Box (@SquawkCNBC) June 26, 2026 Bitcoin Falls Short as Money and Store of Value Beyond the mining critique, he said Bitcoin does not work as a practical currency. Regular users do not accept it at the supermarket, and serious investors do not settle large transactions with it. Without a functioning transaction layer, the asset cannot claim monetary legitimacy, he added. He also dismissed Bitcoin as a store of value. Unlike equities, it pays no dividend and generates no cash flow. In his view, that leaves speculators with nothing to anchor a fair price. A Skeptic With a Record Grantham’s warnings carry weight because of his track record. He flagged the dot-com bubble before 2000 and warned of the US housing collapse before 2008. His more recent AI bubble stock warning extended that thesis to US equities, where he now sees downside of up to 70%. However, his timing is not always precise. His 2021 epic-bubble call on US stocks arrived early, as markets climbed before their 2022 correction. The Bitcoin remarks land as BTC trades near $60,500, dow
Jeremy Grantham says Bitcoin is 'proof of unnecessary work' and predicts crypto will dwindle over decades.
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