---
title: 'You Are Being Lied To About Crypto on CNBC (insane fail)'
source: 'https://youtube.com/watch?v=k0szdDp3xGA'
video_id: 'k0szdDp3xGA'
date: 2026-08-06
duration_sec: 578
---

# You Are Being Lied To About Crypto on CNBC (insane fail)

> Source: [You Are Being Lied To About Crypto on CNBC (insane fail)](https://youtube.com/watch?v=k0szdDp3xGA)

## Summary

This video analyzes a heated CNBC interview where billionaire investor Jeremy Grantham criticizes Bitcoin as a useless speculative asset, leading to a contentious debate with the host. The video also discusses Bitcoin's technical position and the host's critique of Grantham's bearish track record.

### Key Points

- **Grantham's Criticism** [00:01] — Jeremy Grantham calls Bitcoin a 'useless speculative' asset that will 'dwindle away' and go to zero, comparing it to a chain letter and stating it has no tangible value.
- **Performance Comparison** [01:26] — Grantham notes that gold made a strong gain over the same period while Bitcoin is down 52% from its peak, whereas gold is down 27% from its peak.
- **Crypto's Use Case** [02:08] — Grantham argues that crypto's main use is to allow crooks to move money without a trace, and that it is not used for serious trades or everyday purchases.
- **Blockchain vs Bitcoin** [02:51] — Grantham acknowledges blockchain is a real technology but distinguishes it from Bitcoin, which he sees as having no intrinsic value.
- **Bitcoin as Software** [03:33] — The host counters that Bitcoin is software and tech, similar to software companies, and that Bitcoin is backed by the most distributed computing system in the world.
- **Grantham's Track Record** [04:45] — The host criticizes Grantham's bearish calls, noting he called the dot-com crash but has been bearish for 20 years, and his firm GMO's assets under management dropped from $118B to $42B.
- **Grantham's Defense** [08:07] — Grantham defends his record, saying he has been saying the market is overpriced by long-term standards, but the host presses him on never turning bullish.
- **Technical Analysis** [08:40] — The video notes Bitcoin is about to close below the 200-week moving average for the first time since October 2023, which could lead to a 25% pullback to around $46,000.

### Conclusion

The video highlights the ongoing debate between traditional investors and crypto proponents, while also providing a technical warning about Bitcoin's price action.

## Transcript

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 >> 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 >> 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,
>> and the billionaire investor seems to short circuit. [groaning] >> 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. [laughter] I think it's I think it's a useless speculative >> that goes to zero in your in your >> No, years and years, decades and decades. It will dwindle away, I
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.
And by the way, over the same time period, gold made a strong gain. Yes, made a strong gain over that time period. >> Gold is down about 27% from its peak. Bitcoin is down about 52% from its peak.
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.
>> 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
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 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 money is nothing there's nothing that sacred about about what represents a
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
what what does >> it's the use of crypto it pays no >> 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 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 one >> comparison this is completely >> comparison this is completely faith-based represents it represents
proof of work represents proof of work you're going to be totally wrong on be wrong on everything you've >> proof of unnecessary work shouldn't be 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 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 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 about this. >> Well, look, Warren Buffett's in the same >> No, I know. Yes. So is Charlie Munger. But you want me to list 10 people that
>> I'm just suggesting that there's a lot of smart people who also have that view. view. >> The point is it hasn't outlived a general bull market. We've been in a bull market since
>> 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. 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
>> 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.
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 >> We were 2,300 in at the bottom in April of of 2021. Did you ever turn bullish? of of 2021. Did you ever turn bullish? Uh
>> 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 price down and sell because Bitcoin did just close.
it's about to close below the 200W week moving average for the very first time since we crossed back over it in October of 2023. We now may have a problem. I still personally believe if the technical chart is bearish, that means
there may still be sellers on the sidelines. So, if we can't reclaim the 200E moving average, last time this happened, we saw an about a 25% happened, we saw an about a 25% pullback. a 25% pullback from the 200E
moving average that would be around $46,000 Bitcoin may again this is just probabilities does not have to happen just probabilitywise it always usually tends to in all
markets the reason that is is because even though assets change humans will human humans are the ones in the market humans are emotional I will keep you updated this is a makeorb breakak moment for Bitcoin click subscribe