Billionaire investor Jeremy Grantham on crypto: A useless, speculative mechanism
Speakers
Jeremy Grantham
— GMO co-founder and long-term investment strategist
Summary
Jeremy Grantham argues US equities are overpriced by historical standards and would strongly prefer emerging and non-US equities. He calls bitcoin and crypto a useless, speculative mechanism with no real value that will eventually dwindle away. He also notes gold outperformed bitcoin recently, and the interview touches on his track record, green tech investments, and the market’s long bull run.
- Grantham prefers emerging and non-US equities (Europe, Canada, Australia) over US equities.
- He calls bitcoin/crypto a useless speculative bubble with no intrinsic value or income.
- He expects crypto to eventually dwindle to zero over decades.
- He highlights gold's strong gain while bitcoin halved, implying gold is a better store of value.
- He reiterates that US equities are overpriced by long-term standards.
- He defends his track record and mentions his family foundation's green tech investments.
Ideas
Prefer non-US equities over US equities.
US equities are overpriced by long-term standards; emerging and non-US equities in Europe, Canada, Australia, etc. offer better value and are strongly preferred for equity exposure.
Crypto is a worthless speculative bubble.
Bitcoin and crypto are useless speculative mechanisms with no intrinsic value, no stable store of value, no dividend, no income, and no real use except for moving money for crooks. It will eventually dwindle to zero over decades, not with a bang but a whimper, and gold proved a better store of value over the same period.
