Howard Lutnick, the CEO of Cantor Fitzgerald, has stated that Bitcoin should be treated in the same manner as gold and oil, dubbing it a commodity.
In an appearance on the Morning with Maria show, Lutnick argued that Bitcoin, the largest cryptocurrency by market cap, is a commodity. He further stated that individuals should treat the premier asset like one of the top two natural minerals: gold and oil.
Lutnick Makes a Case for Bitcoin’s Relevance
For context, Bitcoin’s scarce nature, among other characteristics, has led to its comparison with gold. Finance commentators often consider the digital asset a store of value and a hedge against fiat devaluation. Notably, analysts have asserted that Bitcoin will match gold’s market cap in the future.
Lutnick agrees with that narrative. He stated that the finance scene should regard Bitcoin as a commodity in the same manner as gold and oil. Notably, the US Securities and Exchange Commission (SEC) chair, Gary Gensler, shares the same sentiment as the Cantor Fitzgerald boss. However, Bitcoin has not been accorded the same prominence as gold and oil.
Furthermore, Lutnick stated that the harsh regulatory climate in the crypto sector has downtrodden Bitcoin’s relevance. The CEO noted that regulators’ inability to recognize the potential of Bitcoin and crypto has impacted the sector’s adoption.
Notably, the crypto sector has faced regulatory setbacks in recent years. The incessant clampdown on exchanges and the classifications of digital assets as securities have somewhat hampered the mainstream adoption of the nascent industry.
Lutnick Bets Big on Bitcoin
Interestingly, the CEO has been a long-standing advocate of Bitcoin. In an appearance at the July Bitcoin 2024 Conference, Lutnick announced that Cantor Fitzgerald was launching a Bitcoin lending program.
The Bitcoin financing business will provide leverage positions for investors who hold Bitcoin. Lutnick noted that the program will further unlock the premier asset’s full potential and close the gap between the digital asset sector and the traditional financial system.
Notably, the fund will launch with an initial funding of $2 billion. Meanwhile, athe time of this writing, Cantor Fitzgerald has yet to launch the business.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
