In a post on X on Sept. 4, the American billionaire businessman said that Bitcoin has been an outsider to the TradFi community over the past five years, and it\u2019s only now \u201cdipping its toe into global finance.\u201d<\/p>\n
He added that his firm, Cantor Fitzgerald, will help the traditional finance sector onboard Bitcoin as it wants new asset classes.<\/p>\n
\u201cCantor will help tradfi bring Bitcoin all the way in. Tradfi wants new asset classes, and BTC is here to stay.\u201d<\/p>\n
Howard William Lutnick succeeded Bernard Gerald Cantor as the head of Cantor Fitzgerald in 1991. The firm is an American financial services company founded in 1945 with $480 billion in assets under management (AUM).<\/p>\n
In late July, Cantor announced<\/a> plans to launch a Bitcoin financing business to provide leverage to investors who hold BTC. The firm stated at the time that it aims to launch with $2 billion in initial financing and will continue to grow the operation substantially.<\/p>\n In his latest appraisal of the asset, Lutnick said there were still hurdles to mainstream onboarding because banks still can\u2019t clear it, can\u2019t transact in it, can\u2019t custodian it, and won\u2019t finance it \u2026 yet.<\/p>\n \u201cI think people misunderstand traditional financial service companies \u2013 they want to transact with Bitcoin, they want new asset classes to transact in.\u201d<\/p>\n Over the last five years, #Bitcoin<\/a> has been an outsider to the tradfi community, and it\u2019s only now dipping its toe into global finance. Cantor will help tradfi bring Bitcoin all the way in. Tradfi wants new asset classes, and $BTC<\/a> is here to stay. pic.twitter.com\/XdMMuw254p<\/a><\/p>\n \u2014 Howard Lutnick (@howardlutnick) September 3, 2024<\/a><\/p>\n\n However, they need regulators<\/a> to \u201csay its okay,\u201d he added. Banks do not want to hold Bitcoin because they have to lock away the equivalent in cash, he said.\u00a0But if there was regulatory approval, \u201cyou will see all the traditional financial services companies, the big banks, the big brokerage companies, they\u2019re all going to go head first into Bitcoin.\u201d<\/p>\n He said it was a slow and steady process, but eventually, there will be a Commodity Futures Trading Commission (CFTC) chair who says Bitcoin is a financial asset, and we\u2019re going to treat it as such.<\/p>\n \u201cWhen that happens, you\u2019re going to see Bitcoin move in a very strong, positive direction,\u201d<\/p>\n Ultimately, as Bitcoin \u201cgets invited to this party\u201d over the next five years, up it will go, the billionaire executive concluded.<\/p>\n Unfortunately, bitcoin\u2019s price is going in the other direction today, with a\u00a0slump<\/a> of more than 4%, falling back to support levels at $56,600.<\/span><\/p>\n The asset has been slowly downtrending since mid-March, having now lost 23% from its all-time high.<\/p>\n The post Cantor Fitzgerald CEO: Bitcoin Dipping its Toe into Global Finance<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" In a post on X on Sept. 4, the American billionaire businessman said that Bitcoin has been an outsider to the TradFi community over the past five years, and it\u2019s only now \u201cdipping its toe into global finance.\u201d He added that his firm, Cantor Fitzgerald, will help the traditional finance sector onboard Bitcoin as it […]<\/p>\n","protected":false},"author":0,"featured_media":3644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3643"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3643"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3644"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}But Not Yet \u2026<\/h2>\n