"It's Worth NOTHING" | Bitcoin Fight EXPLODES on Live TV | Bitcoin Simply

**Dante Coca** (0:00)
A fight just broke out on CNBC between Joe Kernen and one of Wall Street's most famous bubble callers and Jeremy Grantham. And it was about Bitcoin. Joe Kernen defended Bitcoin as sound money. Grantham basically said, It's worth nothing, it does nothing, and eventually people are going to figure that out. And here's the crazy part. Although I do agree with Joe Kernen, the chart is actually on Jeremy Grantham's side. Bitcoin just broke through the classic 200 week moving average, which is the line that stops Bitcoin's bear markets from going from bad to worse. Analysts are warning about a prolonged bear market and some are saying that Bitcoin could fall to as low as 40k. So today, we're going to break down the spiciest fight that we've seen on national television in a long time. And we're going to answer the question, what if Jeremy Grantham is right and Bitcoin continues to fall further? What do we do?
This is Dante Coca Bitcoin Simply. Let's go.
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**Joe Kernen** (1:15)
From a technical standpoint, Bitcoin's broken through its 200-week moving average of about $62,000, and that's usually historically been a marker for more prolonged bear phases. So we'll have to see if it can reverse it here or not.

**Dante Coca** (1:29)
That was Charles Schwab's Director of Equity Research, Adam Lynch, who broke down Bitcoin from a technical standpoint. And there are other technicals and other analysts that are backing him up. Bitcoin is broken between the 200-week moving average. In its history, Bitcoin has only spent 366 days below this point, which is 8% of the total time that it's been around. During the 2022 FTX Collapse, we saw Bitcoin fall 34% beneath this line. If it were to match that, Bitcoin would fall to 41,000. Later in the episode, we dived more into this and what we actually do if Bitcoin continues to fall that way. But Bitcoin falling below this key critical price point brings out the bears, and it brings spicy conversations like these between Joe Kernen and Jeremy Grantham to national television.
Check this out.

**Jeremy Grantham** (2:13)
What represents a form of exchange in the way that Bitcoin is structured? Fine. There are people that would argue with you that it has a hard asset. Other than the fact that some people have made a lot of money like a chain letter, what does crypto do? I don't understand the question. What is the use of crypto? It pays no dividend. It doesn't represent an asset you can put your fingers on. There is nothing there. It is just an idea that it will go up in price. If you trust me, it will go up in price.
On an island, when shells were used to represent an hour of work, you got a hundred people each one... A good comparison. This is completely faith-based.
It represents proof of work. Completely faith-based. It represents proof of work. You're going to be totally wrong on Bitcoin, too. You're going to be wrong on everything you've covered. Proof of unnecessary work shouldn't be worth a bucket of warm spit, and it will not be. All right. It's only been 20 years so far, so someday you might be right about this.

**Joe Kernen** (3:15)
Well, look, Warren Buffett's in the same camp.

**Jeremy Grantham** (3:17)
No, I know, yes.

**Joe Kernen** (3:17)
So is Charlie Munger. But you want me to list 10 people that aren't in that camp that are... I'm just suggesting that there's a lot of smart people who also have that view.

**Jeremy Grantham** (3:26)
A lot of smart people who have a different view. The point is it hasn't outlived a general bull market. We've been in a bull market since March of 2009

**Joe Kernen** (3:39)
Right.

**Jeremy Grantham** (3:39)
And when we get into a bear market, which Joe may think we never will be again, a serious bear market of down 50, 60, 70 Do we think it will prospect in that environment? Anybody that listen to you from 2010, you've done a grave disservice to them.

**Dante Coca** (3:56)
Before we finish the whole clip, let me answer one question that Jeremy Grantham asked. What does crypto actually do? For those of you that are new to Bitcoin, he said Bitcoin started in March of 2009 It actually started in January of 2009, with a special message built into its very first block, Chancellor on the brink of second bailout for banks.