Bitcoin Should Be Treated Like Gold and Oil, According to This Billionaire

On September 27, Howard Lutnick, CEO of Cantor Fitzgerald, appeared on Fox Business and called for regulators to recognize Bitcoin as a commodity akin to gold and oil.

During his interview on Mornings with Maria, Lutnick emphasized the established status of Bitcoin as a commodity and urged for more definitive regulatory frameworks in the cryptocurrency sector. He stated, “Bitcoin is a commodity. It should be treated like gold and like oil. It’s just a commodity.”

When asked by Maria Bartiromo whether commodities traded on Cantor Fitzgerald’s exchange would face similar regulations to equities, Lutnick expressed his belief that over a long period, perhaps 20 years, the lines between commodities and equities would blur. He voiced concern that regulators are struggling to understand the significance of Bitcoin and the broader digital asset market, saying,

“Let’s face it: they don’t even know how to do crypto and digital at all, and they have no idea; they still don’t understand how important it is to get it right.”

Additionally, Lutnick recently announced the launch of a Bitcoin lending program at the Bitcoin 2024 conference in Nashville, which aims to provide leverage for Bitcoin holders with an initial $2 billion in lending through their Bitcoin financing business. He concluded his remarks at the conference by inviting Bitcoin into the wider financial market.

In related news, Lutnick is set to co-lead the transition team for Donald Trump should the former president win the election in November. Alongside WWE co-founder Linda McMahon, he will help organize policies and manage staff during the transition. Alex Grieve, from Paradigm, noted on X that Lutnick’s role is significant for the cryptocurrency sector, as he is a prominent advocate for digital assets.