Veteran investor Jeremy Grantham has renewed his criticism of Bitcoin, calling it a “useless, speculative” asset with no intrinsic value and predicting it could gradually lose relevance over time. His comments during a CNBC interview prompted a swift response from crypto investor Lark Davis, who argued that Bitcoin’s value comes from operating without the control of any government or central authority.
Posting on X, Davis said Bitcoin is the first currency in history with a fixed supply that cannot be controlled by a central bank or manipulated through money printing. “That’s not speculation. That’s the point,” he wrote, pushing back against Grantham’s latest remarks.
Grantham, the GMO co-founder, made the comments during CNBC’s Squawk Box, where he questioned Bitcoin’s long-term stability following its recent decline. He said investors continue to rely on gold for lasting value and claimed criminals are among those who benefit most from Bitcoin because it can be used to move money.
Bitcoin remained under pressure Saturday, trading around $60,000 after falling sharply from its record high of nearly $126,000 in October 2025. The cryptocurrency is testing a key support level, with a break below it potentially opening the door to a decline toward $40,000.
The recent weakness was driven by a mix of factors, such as hawkish signals from the Federal Reserve, rising tensions between the United States and Iran, and continued selling from investors. Spot Bitcoin exchange-traded funds recorded four consecutive days of net outflows totaling about $113.8 million.
Despite the selloff, some large investors viewed the decline as a buying opportunity. Coinbase said institutional investors bought aggressively during the recent downturn. Even so, Bitcoin failed to reclaim its 200-day moving average, a closely watched technical level that added to the downward pressure.
(adsbygoogle = window.adsbygoogle || []).push({});Elsewhere, Mexican billionaire Ricardo Salinas Pliego reaffirmed his support for Bitcoin in an interview, saying he has allocated 70% of his investment portfolio to the cryptocurrency. He said Bitcoin offers better protection than cash or gold because it cannot be seized by governments and described it as a long-term investment opportunity despite its price swings.
Separately, Ripple CEO Brad Garlinghouse said he remains optimistic about Bitcoin’s long-term prospects but criticized Michael Saylor’s strategy of raising capital to expand Strategy’s Bitcoin holdings.
Garlinghouse argued that financial engineering alone cannot create lasting value, pointing to Strategy’s STRC preferred shares, which are trading about 25% below their intended price, as a sign that the funding approach has hurt investor confidence.
Related: Ripple CEO Brad Garlinghouse Slams Strategy’s Bitcoin Financing Model
