Bitcoin is dipping a toe into global finance.

In a post on X on September 4, the American billionaire businessman said that Bitcoin has been an outsider to the tradfi community for the past five years and is now “dipping its toe into global finance”.

He added that his company, Cantor Fitzgerald, is looking for new asset classes to help the traditional financial sector with Bitcoin.

“Cantor helps bring Tradfi up to Bitcoin. Tradfi needs a new asset class, and BTC is here to stay.”

TradFi companies want Bitcoin

Howard William Lutnick succeeded Bernard Gerald Cantor as head of Cantor Fitzgerald in 1991. The firm is an American financial services company founded in 1945 and has $480 billion in assets under management (AUM).

In late July, Cantor announced plans to launch a Bitcoin financing business to provide benefits to investors holding BTC. The company said at the time that it aims to start with an initial financing of 2 billion dollars and will continue to increase its operations significantly.

According to Lutnick in his latest review of the property, there are still hurdles to get on board because banks still can't clear it, can't trade in it, can't hold it and don't finance it…yet.

“I think people misunderstand traditional financial services companies — they want to trade with Bitcoin, they want new asset classes to come in.”

Over the past five years, #Bitcoin has been an outsider to the tradfi community, and now it's dipping its toe into global finance. Cantor helps Tredify bring Bitcoin up to scratch. Tradfi is looking for new asset classes, and $BTC is here to stay. pic.twitter.com/XdMMuw254p

— Howard Lutnick (@howardlutnick) September 3, 2024

However, he added, they need regulators “to say it's OK.” Banks don't want to hold bitcoin because they have to lock up the equivalent in cash, he said. But if there was regulatory approval, he said, “you're going to see all the traditional financial services companies, the big banks, the big brokerage firms, they're all going to get into Bitcoin first.

He said it's a slow and steady process, but eventually, there will be a Commodity Futures Trading Commission (CFTC) chairman who says bitcoin is a financial asset, and we'll treat it as such.

“When that happens, you'll see Bitcoin move in a very strong positive direction.”

Ultimately, Bitcoin will rise to the top in the next five years when he is “invited to this party,” the billionaire executive said.

But yet…

Unfortunately, Bitcoin price is going in the other direction today, dropping more than 4%, falling to support levels at $56,600.

Since mid-March, the asset has been steadily declining, losing 23% from its current high.