CNBC上关于加密货币的谎言：亿万富翁Jeremy Grantham的偏见

Other than the fact that some people have made a lot of money like a chain letter, what what does crypto do?

Billionaire investor Jeremy Grantham says Bitcoin will dwindle away with a whimper.

It doesn't represent an asset you can put your fingers on. There is nothing there there.

This is a legendary billionaire who rarely makes TV appearances. Made an appearance today to attempt to drive the price of crypto lower. Anybody that listened to you from 2010 has you've done a grave disservice to them.

And holy hell, this leads to an insulting match.

But you've said it again and again and again and again and again and again.

The Bitcoin debate gets heated.

I don't know where to go with that. Joe, you you can take

and the billionaire investor seems to short circuit.

Watch this fiveinute clip in full. The insulting gets worse and worse, then I'll react. Dare I ask you what you think of crypto?

No, you don't. I think it's I think it's a useless speculative

that goes to zero in your in your calculus.

No, years and years, decades and decades. It will dwindle away, I suspect. Not not with a bang, but a whimper.

And you think that because

because it it it's not a stable form of value. It just have, didn't it, for no particular reason in a strong economy. So, you can't depend on it in that way. And by the way, over the same time period, gold made a strong gain. Yes, it's down from the peak, but it's it's made a strong gain over that time period.

Gold is down about 27% from its peak. Bitcoin is down about 52% from its peak. Yet, he defends gold, but says Bitcoin is going to zero.

By the way, over the same time period, gold made a strong gain. Yes, it's down from the peak, but it's it's made a strong gain over that time period. It's people don't use it to make serious trades. They don't use it to buy their dinner and and pay at the supermarket.

You could say the same thing about gold.

So, what the hell does it do? What it does is allows crooks to move money around without leaving a trace. Brilliant for that.

So, here's the thing. You

speculative,

right? So you say that and people like Jamie Diamond have made that point before and yet you know the other side of uh that argument would say tell it to the person uh who has either made a fortune when they bought it at 5,000 and even today sitting at whatever it is $60,000 or or tell it to the person who should have bought it at $5,000 and is and and is looking at the 60,000 now it's different if you get to the 120,000.

One of my colleagues at GMO actually bought it less than a dollar.

And here's where the debate begins.

And blockchain is a real technology and and there's there's a lot that will transform the way things are done.

Absolutely. But we're not talking about blockchain talking about Bitcoin.

We're talking about Bitcoin which crypto the whole industry. And I mean money money is nothing there's nothing that sacred about about what represents a form of exchange and the way that bitcoin is structured fine

it it there are people that would argue with you that it has a hard fact that some people have made a lot of money like a chain letter what what does crypto do

I don't understand the question what what what does

it's the use of crypto it pays no dividend

it doesn't represent an asset you can put your fingers on there is nothing there. There it is just an idea that it will go up in price.

Bitcoin is just an idea like software companies are an idea. Bitcoin is just software. It's just tech. Yet he wouldn't say software companies have no value. And you could say Austin, well at least these companies have hardware behind them. They have there's something physical. They have transactions and users. So does Bitcoin. And actually, Bitcoin has more Bitcoin reachable node distribution live map. You can see in real time the amount of nodes in America, Canada, Europe, Russia, Asia, India.

Bitcoin is actually backed by the strongest most distributed computing system in the world.

There is nothing there there. It is just an idea that it will go up in price. If you trust me, it will go up in price. when when in the on an island when shells were used to represent an hour of work that that you got 100 people each one

comparison this is completely faith-based represents it represents proof of work represents proof of work you're going to be totally wrong on Bitcoin too you you're you're going to be wrong on everything you've

proof of unnecessary work shouldn't be worth a bucket of warm spit and it will not be

all right

now the reason Joe says you're going to be wrong on Bitcoin to is because although Jeremy Granthm is a billionaire, he did have a very successful calling the do crash back in the day and he's a billionaire. That one call was about it. Then for 20 years, we've got almost nothing. And and for perspective, he is the co-founder and chief investment strategist at GMO LLC, a Bostonbased asset manage management firm. GMO had more than 118 billion dollars in assets under management as of March 2015.

He had 118 billion. That number dropped to 65 billion as of December 2020. I guess it's not just Bitcoin's value that literally dropped in half. And then from 2020 till today, from what I read on the internet, GMO asset management holdings for his company has dropped to $42 billion total value. And if you're asking what's his problem, I thought he was smart. I thought he was a good investor. The issue is he's a bit of a perma bear.

He's been calling for a huge market crash since Bitcoin was invented.

Theory work shouldn't be worth a bucket of warm spit and it will not be.

All right. It's only been 20 years so far. So someday you might might be right about this.

Well, look, Warren Buffett's in the same camp.

No, I know. Yes. So is Charlie Munger. But you want me to list 10 people that aren't in that camp that are

I'm just suggesting that there's a lot of smart people who also have that view. A

lot of smart people who have a different view.

The point is it hasn't outlived a general bull market. We've been in a bull market since March of '09,

right? And when we get into a bare market, which Joe may may think we never will be again, a serious bare market of down 50, 60, 70, do we think it will prosper?

Anybody that listened to you from 2010 has you've done a grave disservice to them.

So if you feel fine with that, that's that that's that's what you do for a living. That's fine. I I don't have a problem. Andrew invited you on. I'm just pointing out the facts of the situation. If if someday you might be right like a broken clock. That's what we'll say. This may be a huge bubble that we're in. But you've said it again and again and again and again and again and again.

Takes its view from gleaning the internet.

These are this is your track record.

It it isn't my track record. I can go through and give you quarterly letters which I have written

prepare bracing yourself for a for a meltup a market meltup 2018. That's already eight years proved you don't know what you're talking about. And there are plenty of others like that.

I I don't know where to go with that. Joe, you you can take them on.

I said I said my piece. You booked them. You've got your 1929 book out. Maybe it happens at some point. Maybe it doesn't. But, you know, hopefully it doesn't. The market at this point, the the the S&P is pushing 8,000 eventually. and you've probably been bearish for 80% of that.

Watch the billionaire Schwarz Circuit when pressed on his record.

I've been uh I've been saying that the market is overpriced by long-term standards.

We were 2,300 in at the bottom in April of of 2021. Did you ever turn bullish? Uh

so I buy

the fact they bring out the bears to lie on TV drive the price lower. This is probably why we've seen a lot of institutional money. One of many reasons why uh drive the p

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