Billionaire Investor Jeremy Grantham Calls Bitcoin a Useless, Speculative Asset. Here's Why He's Wrong.

This is a sentiment piece, not a fresh fundamental catalyst, so the main market effect is likely through positioning rather than valuation. The cleanest beneficiaries are the high-beta BTC monetizers: COIN first, then MSTR and the miner complex (MARA/RIOT) if spot resumes trending. But the better risk-adjusted expression is usually the venue layer, not the coin itself: exchanges and custodians monetize volatility, while miners still face dilution, energy-cost asymmetry, and a much uglier downside convexity if BTC chops or falls.

The more important second-order read is on stablecoins and compliance. If illicit activity is migrating away from BTC’s transparent ledger, that does not automatically bullish BTC; it more likely shifts regulatory scrutiny toward stablecoin issuers and on/off-ramps over the next 1-3 quarters. That is a mild positive for regulated intermediaries like COIN and, indirectly, listed-market surveillance and derivatives infrastructure, but a negative for offshore liquidity and any balance-sheet-light crypto business that depends on frictionless capital flow.

Contrarian view: the market still overstates tokenomics and understates flow. Scarcity matters over years, but the next 1-3 months will be decided by ETF net inflows, funding rates, and whether leverage has been flushed out; a bullish article does not fix weak marginal demand. If BTC cannot reclaim and hold a higher range within 4-6 weeks, the consensus may be too early on the "grind higher" narrative, and the cleaner trade is to own monetizers of activity rather than outright BTC beta.