Howard Lutnick, the CEO of Cantor Fitzgerald, has said that Bitcoin ought to be handled in the identical method as gold and oil, dubbing it a commodity.
In an look on the Morning with Maria present, Lutnick argued that Bitcoin, the most important cryptocurrency by market cap, is a commodity. He additional said that people ought to deal with the premier asset like one of many prime two pure minerals: gold and oil.
Lutnick Makes a Case for Bitcoin’s Relevance
For context, Bitcoin’s scarce nature, amongst different traits, has led to its comparability with gold. Finance commentators usually take into account the digital asset a retailer of worth and a hedge in opposition to fiat devaluation. Notably, analysts have asserted that Bitcoin will match gold’s market cap sooner or later.
Lutnick agrees with that narrative. He said that the finance scene ought to regard Bitcoin as a commodity in the identical method as gold and oil. Notably, the US Securities and Change Fee (SEC) chair, Gary Gensler, shares the identical sentiment because the Cantor Fitzgerald boss. Nevertheless, Bitcoin has not been accorded the identical prominence as gold and oil.
Moreover, Lutnick said that the cruel regulatory local weather within the crypto sector has downtrodden Bitcoin’s relevance. The CEO famous that regulators’ lack of ability to acknowledge the potential of Bitcoin and crypto has impacted the sector’s adoption.
Notably, the crypto sector has confronted regulatory setbacks lately. The incessant clampdown on exchanges and the classifications of digital belongings as securities have considerably hampered the mainstream adoption of the nascent trade.
Lutnick Bets Massive on Bitcoin
Apparently, the CEO has been a long-standing advocate of Bitcoin. In an look on the July Bitcoin 2024 Convention, Lutnick introduced that Cantor Fitzgerald was launching a Bitcoin lending program.
The Bitcoin financing enterprise will present leverage positions for traders who maintain Bitcoin. Lutnick famous that this system will additional unlock the premier asset’s full potential and shut the hole between the digital asset sector and the standard monetary system.
Notably, the fund will launch with an preliminary funding of $2 billion. In the meantime, athe time of this writing, Cantor Fitzgerald has but to launch the enterprise.
Disclaimer: This content material is informational and shouldn’t be thought of monetary recommendation. The views expressed on this article could embody the creator’s private opinions and don’t replicate The Crypto Fundamental’s opinion. Readers are inspired to do thorough analysis earlier than making any funding selections. The Crypto Fundamental is just not accountable for any monetary losses.
