Legendary Investor Jeremy Grantham: Crypto Is Like 'The Emperor's New Clothes'

Jeremy Grantham, a legendary investor and co-founder of asset management firm Grantham, Mayo, & van Otterloo (GMO), said in a report that crypto is like "the emperor's new clothes."

He wrote: "Cryptocurrencies leave me increasingly feeling like the boy watching the naked emperor passing in procession. So many significant people and institutions are admiring his incredible coat, which is so technically complicated and superior that normal people simply can’t comprehend it and must take it on trust. I would not. In such situations I have learned to prefer avoidance to trust."

Grantham, who has been studying U.S. stock bubbles for many years, said that U.S. stocks are ushering in a "superbubble". His advice to investors is to sell U.S. stocks and buy Japanese and emerging market stocks with lower valuations. Also, deploy some cash in exchange for flexibility, as well as gold and silver.

BTC price fluctuates greatly in the past 24 hours, according to the data from Bitpush Terminal, BTC is currently trading at $38,642.24, a 24-hour drop of 10.12%.

By Mary Liu

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