This post was originally published on Bitcoinist
In a video release on Wednesday, Howard Lutnick, CEO of Wall Street firm Cantor Fitzgerald, delivers some striking predictions about the future relationship between traditional financial institutions and Bitcoin. The video, titled “Howard Lutnick on Bitcoin and tradfi,” is making waves within the community as Lutnick outlines a bold future where big banks will deeply engage with BTC.
Big Bank Will Embrace Bitcoin
Lutnick highlights the past five years as a period of increasing proximity between Bitcoin and the mainstream financial sector, although with significant remaining barriers. He points out, “The last five [years] Bitcoin has been an outsider in the finance business but coming closer and closer and closer right now. There’s an ETF just starting to go a little bit mainstream, maybe a toe in the water of mainstream, but banks still can’t clear it. Banks still can’t transact in it. Banks still can’t custodian it. Banks still won’t transact in it and they won’t finance it yet.”
The Cantor Fitzgerald CEO argues that the slow adoption is not due to a lack of interest from traditional financial sectors but rather regulatory bottlenecks that have yet to be addressed. “I think people misunderstand traditional financial service companies. They
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