On Wednesday evening, we brought you Jeremy Grantham’s latest letter, which purports to explain why, despite valuations that are stretched to historical extremes, stocks are set to rally further. It’s the fabled “blow-off top” – the “melt-up” phase.
The market junkies among you likely read or at least skimmed the entire letter, but we’re going to go out on a limb and say that our crypto readership didn’t bother to even click on the post because in all likelihood, they don’t have the first clue as to who Jeremy Grantham is.
For those folks, suffice to say he’s like Ron Burgundy – “kind of a big deal.” Given that, we wanted to highlight his comments on Bitcoin.
If you word-search the letter, Bitcoin comes up just 5 times, but when it does, he suggests that in contrast to equities, the crypto space reached true bubble territory a long time ago...