Cantor Fitzgerald CEO Howard Lutnick has stated that Bitcoin is gradually being integrated into the global financial system after years of being shunned by traditional finance.
Howard Lutnick's Statement
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’s only now “dipping its toe into global finance.”
Support from Traditional Finance
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). In late July, Cantor announced 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. In his latest appraisal of the asset, Lutnick said there were still hurdles to mainstream onboarding because banks still can’t clear it, can’t transact in it, can’t custodian it, and won’t finance it yet.
Future of Bitcoin
Lutnick believes that traditional financial service companies want to transact with Bitcoin and new asset classes. He thinks that regulatory approval will eventually lead to all the traditional financial services companies, including big banks and brokerage companies, moving into Bitcoin. Despite the existing challenges, Bitcoin continues to attract attention. However, its price has been trending down since mid-March, losing 23% from its all-time high.
In conclusion, despite current challenges, Bitcoin is gradually entering the global financial scene. With enhanced regulatory control, we might witness significant growth for Bitcoin in the future.
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