Cantor Fitzgerald CEO Howard Lutnick Declares Support for Bitcoin and Tether
Cantor Fitzgerald CEO Howard Lutnick expressed his admiration for Bitcoin and the stablecoin Tether while dismissing other cryptocurrencies as “make believe.” Speaking on CNBC’s Money Movers podcast, Lutnick emphasized his enthusiasm specifically for Bitcoin and his optimism about the upcoming Bitcoin halving and the potential approval of a Bitcoin ETF.
The Bitcoin Halving: A Mechanism to Control Inflation
The Bitcoin halving is a process that occurs approximately every four years to limit inflation. It involves reducing the rewards given to miners in half, ultimately restricting the number of new coins entering the market. With a maximum of 21 million Bitcoins ever to be minted, the next halving is expected in April, cutting rewards from 6.25 BTC to 3.125 BTC per block.
Lutnick’s View on Bitcoin as a Speculative Asset
While Lutnick sees Bitcoin as “just a speculative thing,” he compares it to Tesla stock—a tradable asset that gains popularity due to increased demand. He believes that people buy Tesla stock because it increases in value, similar to how people trade Bitcoin.
Lutnick’s Support for Tether and Centralized Cryptocurrencies
Lutnick also expressed his support for Tether, stating that Cantor Fitzgerald holds Tether’s treasuries worth over $90 billion. He claimed that Tether and Ethereum are centralized and can have their funds frozen at the request of authorities. In contrast, he highlighted that there is no central authority to control or freeze funds in Bitcoin.
Hot Take: Lutnick’s Mixed Views on Crypto
While Cantor Fitzgerald CEO Howard Lutnick is a fan of Bitcoin and Tether, he considers Bitcoin a speculative asset and likens it to Tesla stock. He is optimistic about the upcoming Bitcoin halving and the potential approval of a Bitcoin ETF. Lutnick also supports Tether but believes it and Ethereum are centralized and can have their funds frozen. Despite his enthusiasm for certain cryptocurrencies, Lutnick dismisses other digital assets as “make believe.”
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