New Delhi, June 26 -- Veteran investor Jeremy Grantham has once again criticised bitcoin, saying it is a "useless" and 'will gradually fade into irrelevance'

Speaking on CNBC's Squawk Box on Friday, the GMO co-founder asserted that its a speculative asset without intrinsic value and time and again failed to outperform even during strong bull markets.

The world's biggest cryptocurrency, Bitcoin fell below the $60,000 mark, down 2.66% from the previous day, to $59,934.04 at noon on 26 June, according to data on CoinMarketCap. The token's market capitalisation also fell 2.75% to $1.2 trillion, with trading volume up 3.09% to $45.08 billion, it showed.

The overall crypto market cap also touched its lowest since May, at $2.06 trillion, with...