Bitcoin is the emperor's new clothes, says famed fund manager Jeremy Grantham

Famed money manager Jeremey Grantham thinks that bullish retail and institutional cryptocurrency investors are blinded by digital tokens' dominant price appreciation, especially since the onset of the Covid-19 pandemic. Cryptos "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 wrote in a recently issued report. For context, the largest digital coins by market cap, bitcoin (BTC-USD) +315%, ethereum (ETH-USD) +1,455%, binance coin (BNB-USD) +2,225%, cardano (ADA-USD) +2,075%, solana (SOL-USD) +13,127% and ripple (XRP-USD) +188%., surge as interest in the space increases. However, since the start of 2022, cryptos' momentum takes a bearish turn after the global market cap peaked in mid-November at $3T, now standing at $1.81T.