Co-founder of the investment company GMO and well-known billionaire Jeremy Grantham delivered a harsh critique of cryptocurrencies and the artificial intelligence market during the podcast The Diary Of A CEO. In his view, Bitcoin has no real utility and is neither a means of saving nor a tool for everyday calculations. Grantham has called the asset "a useless nonsense" that only facilitates illicit financial flows, and predicts that in the long run its price will inevitably fall to zero. The billionaire himself has never invested in crypto, and he strongly discourages others from doing so.

Grantham’s similarly pessimistic predictions about traditional markets are as well. He believes that the largest investment bubble in US history has formed around artificial intelligence technologies. He noted that such bubbles always arise around great and obvious ideas on a scale comparable to the invention of railways or the Internet. The billionaire expects that after peaking, AI-booms will plummet by about 70%. Because of severe overvaluation, he advised retail investors to avoid the US market and look at cheaper foreign stocks that are now showing better returns.

Greentham has also gone through the ambitions of Elon Musk, expressing deep skepticism about SpaceX’s potential IPO. The billionaire believes that Musk’s past successes were largely due to a favorable "bull" market and constant price inflation. According to Grantham, Musk will not succeed in doing such a trick with the space company, as many of SpaceX’s promises he has described as outright "nonsense", unable to stand the test of reality.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.