By Cantor Fitzgerald’s CEO Says He’s A Big Fan of Bitcoin and Stablecoin Issuer Tether
Last updated: December 13, 2023 04:15 EST
. 2 min read
Howard Lutnick, the CEO of Cantor Fitzgerald says he is a fan of Bitcoin (BTC) citing the halving cycle and its decentralized nature as reasons behind the widespread popularity.
Speaking at CNBC’s Money Mover podcast, the CEO commented on inflation, the reaction of the Feds through interest rate cuts, cryptocurrencies, and stablecoins as well as their driving factors.
Lutnick initially said he is a fan of crypto before explaining the specific digital assets pouring praises for Bitcoin and a few others. According to him, Bitcoin halving cycles every four years which makes it harder to get the asset is a huge utility for the community.
Pointing to the history of the asset, he noted that anytime there is a halving, BTC price moves upwards gaining bullish momentum to recover losses. This has been the drive in recent months coming off the bear market that strangled traders and miners for months.
In the past few months, miners remained underwater as the price of Bitcoin plunged to lows causing operational losses with many selling BTC reserves and equipment to stay afloat. On the flip side, in recent months the price of the asset has surged leading to mining firms posting huge profits and positioning for the next halving by improving efficiency.
🔥 Tether Aims to Invest Half a Billion Dollar in Mining Ventures Over Next Six Months to Become a Top Miner
Tether aims to invest half a billion dollars to become one of the world’s leading Bitcoin miners.#CryptoNews #news https://t.co/qPPgzF21sE
— Cryptonews.com (@cryptonews) November 16, 2023
Decentralization and spot ETF drive adoption
Furthermore, the decentralized nature of the market leader and spot ETF drive among institutional investors is another positive for its growth. Lutnick describes Bitcoin as an alternative that represents some sort of freedom in the wake of current economic realities.
“The only asset people could have held where no one could take it? Bitcoin, it is uncontrollable,” Lutnick said. “With Tether, you can call Tether and they’ll freeze it. With Ethereum, you can call Joe Lublin.”
The digital asset market has recorded huge inflows on the back of a potential spot Bitcoin ETF approval by the Securities and Exchange Commission (SEC) as related products see over $1.7 billion this year after a slow start to the year.
On altcoins, the CEO clarified that they are not a thing as most hold little or no utility except Ethereum’ (ETH).
“These other coins, they are not a thing. They’re kind of make-believe, maybe Ethereum is okay.”
Big fan of Tether too
Lutnick hailed the positioning of the stablecoin issuer Tether saying he is a big fan and keeps their treasuries which are now worth an excess of $90 billion.
“I’m a big fan of this stablecoin called Tether… I hold their treasuries. So I keep their treasures and they have lots of it. They’re over $90 billion now, so I’m a big fan.”
From the general perspective on the market, he doesn’t expect much rate cuts by the Feds next year and feels banks and the tech sectors could perform better while real estate may plunge.
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