Cantor Fitzgerald on Tether Stock: ‘They Have the Money’
Cantor Fitzgerald CEO Howard Lutnick sees the limited impact of the new US position on Bitcoin exchange-traded funds (ETFs) on confidence in the cryptocurrency, after taking such a beating last year, he said at the World Economic Forum (WEF) in Davos, Switzerland. , but he had good words about Tether.
Lutnick was bullish on Bitcoin (BTC) when he spoke to Bloomberg TV. “I think BTC will hold steady, but when the halving comes, it will rally and grow, but the place is BTC ETFs “the way Americans buy. Bitcoin is “not an American thing,” says Lutnick.
“I can give you money on Venmo and PayPal. […] This is speculative wealth for us. [Americans]. But for countries like Argentina, Venezuela, Turkey, these crypto assets are an issue. Stablecoins are important in those countries. It's a way to hold on to the dollar.”
Lutnick's enthusiasm for stablecoin is no accident. He manages the US Treasury securities portfolio of Tether Holdings, the financial services company he heads. Lutnick confirms about Tether (USDT):
“I manage lots and lots of their properties. […] If we have seen it and done a lot of work, they have the money they say they have.
Tether has faced criticism for its unclear accounting practices, and received the second-lowest rating in S&P Global's stablecoin stability assessment. Despite assurances, the stablecoin issuer has never been audited and has been the target of rumors and suspicions about its financial condition. The final verification report was released on October 31, 2023.
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Tether and parent company Bitfinex reached an agreement with the New York Attorney General's Office in February 2021 that requires it to submit quarterly standby reports for two years. Tether is reportedly working on a system of real-time reserve reports that could be seen by 2024.
Billionaire and Cantor Fitzgerald CEO Howard Lutnick said “When the halving comes, #bitcoin will start to rally and grow” pic.twitter.com/XVJSIrEJqm
— Filing ₿itcoin (@DocumentingBTC) on January 16, 2024
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