Brett Heath, JPMorgan CEO Warn of Next Financial Crisis Due to Crypto

Metalla Royalty & Streaming CEO Brett Heath and JPMorgan CEO Jamie Dimon warned people about crypto and have questioned the intrinsic value of Bitcoin. Jamie Dimon has said that his views on Bitcoin have not changed much and Brett Heath, on the other hand, warned that cryptocurrencies will lead to the next financial crisis.

JPMorgan CEO says his Views on Bitcoin Haven’t Changed much

Warren Davidson, the Republican Congressman recently asked the CEO of JPMorgan, Jamie Dimon about his views on Bitcoin to which he replied that his views on the flagship currency have not changed much.

He said:

“My own personal advice to people is to stay away from it. That does not mean the clients don’t want it. This goes back to how you have to run a business. I don’t smoke marijuana, but if you make it nationally legal, I’m not going to stop our people from banking it. I don’t tell people how to spend their money.”

Dimon addressed Bitcoin as a fraud in the year 2017 and added that cryptocurrencies are nothing like fiat currencies and gold, saying:

“My own personal view is it’s nothing like fiat currency, it’s nothing like gold. Buyer beware.”

Metalla Royalty & Streaming CEO Brett Heath says Crypto will Cause the Next Financial Crisis

Brett Heath spoke to Kitco News, the financial news outlet on May 28 and compared crypto to the tech induced crash of the early 2000s and the 2008 mortgage crisis, noting that:

“When you look back at the last few decades and you look at all of the financial crises that happened, you know, 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’s not very well understood.”

In addition to this, he described the cryptocurrencies as a license for the private sector to print money and said:

“If we just rewind to the mortgage crisis of 2008 […] We had the mass adoption of mortgage-backed securities, collateralized debt obligations. And once the public had embraced this, this new financial product then crashed, It was a huge problem.”