Billionaire investor Jeremy Grantham predicted that Bitcoin (CRYPTO: BTC) will certainly go to zero in the distant future, a stance immediately criticized by cryptocurrency analyst Michaël van de Poppe. Grantham, the co-founder of investment firm GMO, described cryptocurrencies as an unnecessary piece of nonsense that facilitates nothing except criminals moving money so they can't be seen. The veteran market strategist, renowned for accurately calling major asset bubbles including the dot-com mania of the late 1990s and the 2008 global housing and financial crisis, made the comments during an appearance on The Diary Of A CEO podcast dated June 25.

Van de Poppe slammed the remark as stupid, noting it was unexpected from a great investor. The analyst argued that many great men have failed to grasp Bitcoin's fundamentals and purpose, making them sound ridiculous when they make such statements. The exchange highlights the ongoing divide between traditional financial figures and the cryptocurrency sector regarding the long-term viability of digital assets.

Grantham's Stance on Crypto

During the podcast, host Steven Bartlett asked Grantham whether he sees Bitcoin going to zero. Grantham replied that in the distant future, yes, it will certainly go to zero, though it may take a long time. He emphasized that he has never owned any cryptocurrency and would never recommend anyone buy it. His comments add to a list of high-profile criticisms tracked by Bitcoindeaths.com, which has logged 475 Bitcoin obituaries from figures including economists Nouriel Roubini and Peter Schiff, as well as business magnates Warren Buffett and Jamie Dimon.

Market Reaction

Despite the negative commentary, Bitcoin continues to trade actively. At the time of writing, BTC was exchanging hands at $59,355.06, down 0.87% in the last 24 hours, according to data from Benzinga Pro. The market's performance contrasts with the bearish long-term outlook presented by Grantham.

Leading cryptocurrencies pared losses Monday, while stocks closed higher as investors priced in a further easing of tensions between the U.S. and Iran following weekend hostilities. Bitcoin rose 1.00% to $59,872.36, and Ethereum gained 1.99% to $1,594.33, as the global cryptocurrency market capitalization stood at $2.2 trillion following a dip of 0.79% over the last 24 hours.

Crypto Market Recoups Losses

Bitcoin rose in the early trading hours but failed to cross the $61,000 barrier. Trading volume surged 82% over the last 24 hours. Ethereum rallied in the afternoon, hitting a high of $1,633 intraday before slipping back below $1,600. Cryptocurrency-related stocks also rallied, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing up 12.60% and 1.77%, respectively.

Over $300 million was liquidated from the cryptocurrency market in the last 24 hours, with short traders facing the majority of the losses, according to Coinglass data. Bitcoin’s open interest increased modestly by 0.80% over the last 24 hours. Retail and whale derivatives traders on Binance lowered their long positions in the leading cryptocurrency. "Extreme Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

Stocks Rally Ahead Of Doha Meeting

Stocks started the new trading week on a high. The Dow Jones Industrial Average rallied 306.63 points, or 0.59%, ending at 52,182.74. The S&P 500 lifted 1.18% to close at 7,440.43, while the tech-heavy Nasdaq Composite rose 2.07% to settle at 25,820.14. President Donald Trump said that a meeting with Iran is scheduled for Tuesday in Doha, Qatar. The discussions are reportedly aimed at managing the Strait of Hormuz and reducing tensions after weekend exchanges of attacks between the two sides.

Where Is Bitcoin Headed?

On-chain analytics firm CryptoQuant noted that Bitcoin’s Long Term Holder Spent Output Profit Ratio was approaching 1—a historically rare condition that has marked "generational buying opportunities." The metric is used to determine whether investors who have held their Bitcoin for more than 155 days are selling at an aggregate profit or loss. The current reading indicates long-term holders are moving coins at or near a loss.

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, said that Bitcoin has started the week well, forecasting a "very likely" breakout above $61,000. "The bullish divergences are still applicable here, indicating that there’s the upside ready to come," Van De Poppe said.