While many companies have been reluctant to get into the cryptocurrency business, Wall Street bond trading giant Cantor Fitzgerald has managed billions of dollars in reserves for Tether for years. The company's CEO, Howard Lutnick, admitted in a recent interview that he is a "loyal fan" of USDT and also expressed his support for Bitcoin.
Howard Lutnick recently said on the CNBC podcast "Money Movers": "The market value of USDT has exceeded $9 billion. As a loyal fan of Tether, I manage a large amount of U.S. Treasury bonds for them. "
Currently, there are only 25 primary dealers in the United States who can directly trade U.S. debt with the Federal Reserve, including Cantor Fitzgerald. According to a report by the Wall Street Journal in February this year, according to people familiar with the matter, the cooperation between Tether and Cantor Fitzgerald began at the end of 2021. Tether has up to US$39 billion in U.S. debt reserves in an account managed by Cantor Fitzgerald.
Although the outside world is cautious about the long-term stability of USDT, Howard Lutnick believes that Tether can bring benefits to countries deep in the crisis of soaring inflation under certain circumstances. For example, Argentina’s new president Javier Milei has proposed abolishing the national currency peso and adopting the US dollar as the national currency, which may be an example of Tether coming into play.
Howard Lutnick is confident in Bitcoin. He said: "I am a fan of Bitcoin and a fan of cryptocurrency. Other cryptocurrencies are not the same thing at all."
Howard Lutnick believes , the value of Bitcoin lies in its decentralized characteristics, which are significantly different from other public chains such as Ethereum. In contrast, assets such as USDT and Ethereum are prone to being frozen, but not Bitcoin. Therefore, Bitcoin is the only asset that people can hold without fear of having it taken away from them.
Howard Lutnick believes that the upcoming block reward halving will be a catalyst for Bitcoin. He noted that in past bull cycles, Bitcoin has benefited from halving events. In addition, he also stated that Bitcoin will become a safe asset for those who are worried about the current fiscal policy of the U.S. government.
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