Amid the rise in prominence for Bitcoin, Cantor Fitzgerald CEO Howard Lutnick recently stated his belief that most major banks will hold BTC by 2029. Indeed, he noted that traditional finance firms will adopt the leading crypto amid a slue of regulatory changes within the next five years.
In a post to X (formerly Twitter), get discussed the last five years of Bitcoin’s development. He noted the massive shift that has taken place. Discussing the recent Spot BTC ETF approval in January, he spoke on how things will change all the more in the coming years.
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Cantor Fitzgerald CEO Expects Big Things for Bitcoin in the Next 5 Years
2024 has been a massive year for Bitcoin. The leading crypto has catapulted into the mainstream since the start of the year. With a Bitcoin ETF going live in January, the asset reached an all-time high of $73,000 just three months later. Although it has reversed amid a bear market, it has seen its prominence rise throughout the last six months.
For many, that’s just the start. Bitcoin is just beginning to realize its potential, according to Cantor Fitzgerald head Howard Lutnick, who recently predicted that most banks will hold BTC by the year 2029. Specifically, he discussed the massive regulatory changes on the horizon over the next five years.
“Right now there’s an ETF just starting to go a little bit mainstream,” Lutnick said in a recent video. “Maybe a toe in the water of mainstream, but banks still can’t clear it. Banks still can’t transact in it.”
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Lutnick noted the ongoing regulatory concern keeping traditional finance from making the jump. “If a bank were to hold your Bitcoin, they would have to set aside their own money equal to that amount in sort of like in a jail,” Lutnick explained.
However, he did share his optimism that this will change. “Eventually, there’s going to be a CFTC chair who says, You know what? Bitcoin is a financial asset, and we’re going to treat it as such.”
“That’s what’s going to happen,” Lutnick remarked. He noted the importance of its continued position alongside assets like gold and other currencies. “And it’s coming,” Lutnick assured. It’s a slow, steady process, but ultimately, over the next five years, as it gets invited to this part, up we go.”