In a recent interview with Fox Business, Howard Lutnick, the CEO of Cantor Fitzgerald, strongly criticized Bitcoin skeptics and made a bold statement in favor of BTC. His statement has triggered discussions across social media platforms. Many have come forward to openly support the views of Lutnick. Let's analyze his statement and its possible impact. Ready?
Bitcoin is a Commodity, Not Just a Digital Currency
Even in this era of modern finance, Bitcoin is still considered by most industry experts to be a mere digital currency – nothing more. Howard Lutnick fiercely challenged this attitude towards Bitcoin. He appealed to experts to accept Bitcoin as a commodity. He even likened Bitcoin to top commodities, like Gold and Oil.
Meanwhile, he declined to advocate for other cryptocurrencies. Notably, he presented Bitcoin as something clearly different from others in the crypto market.
Long-Term Convergence of Commodities and Equities
Interestingly, Howard Lutnick forecasted a convergence between commodities and equities. However, he ruled out the possibility of an immediate convergence. He claimed that the process would take a minimum of 20 years.
He also predicted that the time will come when Bitcoin will be treated like Gold. This perspective not only affects the current discussion but also influences future Bitcoin price predictions as investors consider its potential status as a commodity.
In conclusion, Howard Lutnick's bold statement about Bitcoin highlights the urgent need to rethink how industry experts and even regulators consider BTC. Interestingly, the overwhelming support his statement has received on social media platforms indicates that he is not the only one who demands a change in the attitude of ‘so-called' financial expats towards the world's largest cryptocurrency by market cap.
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