Cantor Fitzgerald CEO announces $2 billion Bitcoin financing business and speaks out in support of Tether

Cantor Fitzgerald CEO Howard Ratnick announced at the 2024 Bitcoin Conference that the company plans to establish a Bitcoin financing business with an initial financing amount of $2 billion to provide leverage to investors. Ratnick also revealed that he personally holds Bitcoin and Cantor Fitzgerald also holds "a lot" of Bitcoin. He said: "My view is that Bitcoin should be like gold and can be freely traded around the world. In addition, Ratnick defended Tether and criticized USDC. Cantor Fitzgerald is the custodian of USDT. "We hold their funds. USDT is fundamentally different from USDC because USDT holds Treasury bonds, and Cantor Fitzgerald, as a primary dealer, can liquidate these Treasury bonds and meet your redemption needs without any problems," Ratnick said. "Think about it: Circle had $3.3 billion in reserves that were not insured when Silicon Valley Bank went bankrupt," Ratnick said. "Tether and USDT hold Treasury bonds and earn about 5.25%. Why would you put $3.3 billion in an uninsured bank account earning only 25 basis points, or 0.25%, in interest and not have insurance? ” (The block)