Precious metal executive warns of a financial disaster. Metalla Royalty & Streaming CEO, Bret Heath, believes that cryptocurrencies will lead to the next financial crisis.
He shared his views during a recent interview where he talked about the public embracing crypto, and explained how history shows that mass adoption of a new financial product has typically led to a financial crisis over a range of different time periods.
Metalla is a company designed to generate leveraged precious metal exposure via royalties and streams for shareholders.
And in an interview, Heath explained his belief that the mass adoption of digital currencies like Bitcoin will lead to catastrophe. That’s because economic calamities begin when society adopts a new financial product.
Heath stressed during the interview:
“When you look back to the last few decades and all of the financial crises that happened, they all have a couple of things in common. And one of them is the mass adoption of a new financial product or a new technology that is not very well understood.”
He further remarked that this current climate reminds him of subprime mortgage crisis that tossed the financial world upside down 12 years ago.
Back then, we had the mass adoption of mortgage-backed securities and collateralized debt obligations. And once the public had embraced this new financial product, then it crashed, leading to a huge problem that sent shockwaves across the globe.
The CEO topped it off by adding that he was skeptical of the money that has entered into the crypto economy, saying that the industry is a license for the private sector to print money.
He also called into question the Federal Reserve, and how it has expanded the American money system.
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