Bitcoin Drops Again. Skeptical Investment Strategist Calls It 'Useless'

Friday Bitcoin closed at just $59,948 — dropping 19% just for June and more than 50% lower than its record high in October of $124,310. To commemorate the occasion CNBC interviewed long-time bitcoin skeptic Jeremy Grantham, reporting that the 87-year-old cofounder/chief investment strategist of the massive asset-management firm GMO is “predicting it will gradually fade into irrelevance over decades.” [The] longtime market commentator known for his calls on asset bubbles said bitcoin is a “useless, speculative” asset without intrinsic value, speaking on CNBC’s “Squawk Box” Friday. He also said