- The emergence and growth of cryptocurrencies paves way for the next financial crisis.
- Blockchain technology is beneficial, says Brett Heath.
Metalla Royalty & Streaming CEO Brett Heath stated that cryptocurrencies are emerging with similar attributes without any uniqueness. Moreover, the emergence and growth of cryptocurrencies pave the way for the next financial crisis.
Firstly, there are thousands of available cryptocurrencies, with a majority lacking utility. Secondly, with cryptocurrencies’ growth in value, the private sector will print more money while questioning the rarity of digital assets.
Certainly, mass adoption of a new financial product or new technology are attributes that contribute towards a financial meltdown. Brett pinpoints the 2008 wide-scale adoption of mortgage-backed securities and the tech boom in the early 2000s as an example.
Similarly, cryptocurrencies are heading in the same direction. Brett added that cryptocurrencies would potentially face the same fate and collapse.
Canadian-based precious metals royalty and streaming company Metalla Royalty & Streaming CEO Brett Heath says:
This is the type of situation where it has the recipe to create a significant financial panic. Who knows how high it goes? The crypto market could go upwards of $3 trillion, $ 4 trillion, $5 trillion…you really just don’t know how high it goes.
But when you have that amount of capital wiped out of digital wallets across the globe, you better believe there’s going to be some significant financial repercussions,” said Heath.
On the other hand, Brett notes that blockchain technology is beneficial. More so, some cryptocurrencies would sustain the collapse and dominate.
Brett further goes on to give advice to investors. Finding alternative digital gold away from Bitcoin. He cited investments in gold royalty companies as the ultimate digital gold since investors still control their assets away from government control.
Notably, cryptocurrency speculation is becoming mainstream. Furthermore, there is a lot of interesting technology and ideas in the cryptocurrency space. Aside from the famous Bitcoin, there are thousands of other coins being bought and sold around the world,