In his recent pronouncement, Cantor Fitzgerald chief Howard Lutnick expressed optimism in Bitcoin sustaining bullish steam. Unlike Bitcoin, he profiled altcoins as make-believe, which portrays its uncontrollable nature.
Lutnick declared his discipleship of the global largest stablecoin, Tether, and Bitcoin, as he downplayed other cryptos. He criticized altcoins as make believes and unable to match Bitcoin’s uncontrollable nature.
Lutnick expressed optimism about the lead token by market capitalization in his appearance on CNBC’s Money Movers.
ETF Approval and Bitcoin Halving to Drive Price Surge
The executive at Wall Street’s broker affirmed his admiration of crypto, specifically Bitcoin.
The experienced broker illustrated his belief in the upcoming Bitcoin halving and the likelihood of the Securities and Exchange Commission (SEC) approving the spot Bitcoin exchange-traded fund (ETF).
Lutnick observed that Bitcoin doubled its mining price every four years, coinciding with the halving. The halving process implies that the cost of work completed to earn the coin doubles.
Lutnick noted that the Bitcoin price surges whenever the halving occurs, thereby reason to remain bullish on Bitcoin.
He indicated that the looking halving and the Gary Gensler-led Commission approving the elusive ETF in the US informed the bullish prediction.
Lutnick explained that the halving process is a critical milestone within the network to check Bitcoin inflation. The halving allows the protocol to reduce the Bitcoin reward to the miners. The quantity was reduced in half, thus capping the coins entering the crypto market.
The CEO demonstrated that halving is necessary since mining firms can only mine 21M Bitcoins. The assessment of the present operations speed implies that halving is set to occur in April 2024. Its occurrence would reduce the coin reward from 6.25 BTC to 3.125 BTC in every block the miner completes.
He delved into the critics, often indicating that the crypto brokers are running $2 trillion deficits.
Bitcoin and Tether Involved in Speculative Trading
In contrast, Lutnick termed Bitcoin a speculative thing similar to Tesla stock. He added that Bitcoin is a trade item that rivals Tesla in trend since the prices surge as everyone purchases it.
Lutnick reiterated his support for the Tether stablecoin, disclosing that Cantor Fitzgerald holds the firm’s treasuries. He stated that Tether has accumulated multiple treasuries that now approximate $90 billion.
He responded to the recent criticism of crypto by JPMorgan chief executive Jamie Dimon, who urged the federal government to shut down the digital assets. Lutnick emphasized that cryptocurrency is uncontrollable, enabling Russian oligarchs to use Bitcoin. He considered Bitcoin’s use inevitable given their recent scare of Putin expatriating their funds.
Ethereum and Tether Centralization Subject to Authorities Directives
Lutnick indicated that Tether is similar to Ethereum in centralization, thereby allowing freezing of funds when requested by authorities. He indicated that the Justice Department often orders Tether to freeze the funds since an individual exists to call.
Lutnick’s revelation of Tether centralization comes shortly after the USDT issuer froze 161 wallets. The wallets featured in the sanctions list issued by the United States Treasury.
The centralization in Ethereum, where the authorities would request Joe Lubin, is non-existent in Bitcoin. The statement contrasts the previous pronouncement by the ConsenSys founder that he hardly controls closer to half of the entire ETH supply.
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