Metalla Royalty & Streaming CEO Brett Heath certainly think so. The CEO has warned that cryptocurrencies will “lead the charge into the next financial crisis”. Metalla Royalty and Streaming is based in Canada and the company provides leveraged precious metal exposure through the acquisition of royalties and streams for investors. The company was founded in 1983 and has a net worth of nearly half a billion dollars.
The CEO of the company, while speaking to Kitco News, compared cryptocurrencies to the internet bubble of 2000 and the housing bubble of 2008. Per the CEO cryptocurrencies are nothing more than the next bubble in the timeline. Delving deeper into the historical financial crisis, Brett Heath pointed out the common thread of all the crashes was mass adoption of a new financial products – which is exactly what is happening with cryptocurrencies.
Brett Heath questioned the liquidity that had been injected in the crypto market since 2020. Heath drew comparison with the total liquid money supply of the United States which increased nearly four time while the cryptocurrencies’ market capitalization went up tenfold. The CEO has shown concerns for the heavy inflow of money into the market which has “no intrinsic value”. It is no secret that cryptocurrencies are highly speculative assets and run of the belief of investors and traders. Although a paradigm shift has been observed with altcoin offering real value gaining prominence. Nonetheless, that did not pacify the CEO.
Heath was also not impressed with the bullish price predictions of Bitcoin neither was Bitcoin’s limited supply of any value to him. The CEO pointed out towards altcoins citing some have better technology, offering and privacy and yet they are valued nowhere near Bitcoin.