Billionaire investor Jeremy Grantham has sharply criticized Bitcoin, calling it a "useless, speculative asset" that will "fade away" over decades. He cited its lack of real-world utility and its use for money laundering, noting its significant price drop this year.
Bitcoin dropped below $70,000 for the first time in two months due to prolonged Iran war concerns and investor fund outflows. Major cryptocurrencies like Ethereum and Solana also declined, with outflows from US spot Bitcoin ETFs reaching a record 11 consecutive trading days.
Minneapolis Fed President Neel Kashkari expressed skepticism about stablecoins' utility, drawing parallels to Bitcoin's failure as a currency. He highlighted potential uses like digital asset trading facilitation and cross-border transactions but noted limitations in payment systems and the speculative nature of digital assets.
