Cantor Fitzgerald CEO Howard Lutnick called Bitcoin a commodity and said it should be treated like gold or oil.
Appearing on “Morning with Maria,” Lutnick argued that Bitcoin, the largest cryptocurrency by market capitalization, is a commodity. He further said that individuals should treat this premium asset the same way they treat one of the top two natural minerals: gold and oil.
Lutnick insists on the relevance of Bitcoin
As background, the scarcity of Bitcoin, in particular, has led to comparisons between Bitcoin and gold. Financial commentators often consider digital assets to be a store of value and a hedge against fiat devaluation. Notably, analysts have asserted that Bitcoin will rival the market capitalization of gold in the future.
Lutnick agrees with that story. He said the financial community should view Bitcoin as a commodity like gold and oil. Notably, Securities and Exchange Commission Chairman Gary Gensler also shares the same sentiment as Cantor Fitzgerald’s boss. However, Bitcoin is not given the same importance as gold or oil.
Furthermore, Lutnick said that the strict regulatory environment in the cryptocurrency sector is making Bitcoin less relevant. The CEO pointed out that regulators’ failure to recognize the potential of Bitcoin and cryptocurrencies is impacting adoption in the sector.
Notably, the crypto sector has faced regulatory setbacks in recent years. The continued crackdown on exchanges and the classification of digital assets as securities has somewhat hindered early mainstream industry adoption.
Lutnick bets big on Bitcoin
Interestingly, the CEO has been a supporter of Bitcoin for many years. Speaking at the Bitcoin 2024 conference in July, Lutnick announced that Cantor Fitzgerald would launch a Bitcoin lending program.
Bitcoin lending businesses offer leveraged positions to investors who hold Bitcoin. Lutnick pointed out that the program will further unlock the potential of high-end assets and bridge the gap between the digital asset sector and the traditional financial system.
Notably, the fund will be launched with an initial capital of $2 billion. Meanwhile, as of this writing, Cantor Fitzgerald has yet to launch a business.
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