Howard Lutnick, CEO of Cantor Fitzgerald, Reveals Tether Holdings
Howard Lutnick, the CEO of Cantor Fitzgerald, a prominent Wall Street private financial services company, has recently confirmed that his company has been providing services to Tether, the largest stablecoin issuer in the cryptocurrency market. In an interview on CNBC's Money Movers, Lutnick expressed his admiration for Tether and disclosed that Cantor Fitzgerald holds Tether's treasuries.
Cantor Fitzgerald CEO Howard Lutnick Shows Support for Tether
During the interview on Money Movers, Howard Lutnick, the CEO of Cantor Fitzgerald, acknowledged the business relationship between his company and Tether, the issuer of the USDT stablecoin. Lutnick shared his thoughts on cryptocurrencies and expressed his opinion on the value of various tokens in the industry.
Lutnick revealed:
"I am a strong supporter of the stablecoin Tether. We hold their treasuries, and they have a substantial amount. They currently hold over $90 billion."
Moreover, Lutnick made a reference to Tether and the situation in Argentina, where economist Javier Milei promised to dollarize the country without having sufficient dollar reserves. Lutnick also praised Bitcoin, stating that it was the only "uncontrollable" asset because there was no authority to intervene and regulate it.
However, he acknowledged that Tether was different. "If you have Tether and someone raises concerns, they can freeze it because there is someone to contact. In Bitcoin, there is no one to contact," he emphasized.
Lutnick's statements officially confirm the reports of the connection between Tether and Cantor Fitzgerald, which were initially reported by the Wall Street Journal earlier this year, according to sources familiar with the matter. According to Cantor Fitzgerald's most recent financial disclosure report, Tether held more than $70 billion in U.S. Treasury bills in November, when its market capitalization was $84.80 billion.
Adam Back Applauds Cantor Fitzgerald CEO's Confirmation
Adam Back, the CEO of Blockstream and a notable figure in the field of cryptography, celebrated the affirmations made by Cantor Fitzgerald's CEO and took the opportunity to commend Tether CEO Paolo Ardoino for his alleged involvement in the matter.
In a post, he wrote:
"You can't ask for better media coverage than that, Paolo Ardoino… Suck that truthoors."
What are your thoughts on the business relationship between Cantor Fitzgerald and Tether? Share your opinions in the comments section below.
Frequently Asked Questions
Are gold IRAs a good place to invest?
You can invest in gold by purchasing shares in companies that mine it. To make money in investing in gold or other precious metals, such as silver, you should purchase shares in these companies.
There are however two problems with owning shares directly.
If you hold on to your stock for too much time, you risk losing money. Stocks will fall faster than the underlying asset (like a gold mine) when they drop. That means you could end up losing money instead of making it.
Second, waiting for the market to recover before selling your gold holdings could result in you missing out on potential profits. So you may need to be patient and let the market recover before you profit from your gold holdings.
If you prefer to keep your investments apart from your finances, physical gold is still an option. An IRA with gold can diversify and protect your portfolio against inflation.
Visit our website to find out more about investing in gold.
What precious metals are permitted in an IRA
The most commonly used precious metal in IRA accounts is, of course, gold. You can also invest in gold bullion bars and coins.
Precious metals are considered safe investments because they don't lose value over time. They are also a great way of diversifying your investment portfolio.
Precious metals include palladium and platinum. These three metals all have similar properties. Each one has its own uses.
One example is platinum, which is used to create jewelry. For the creation of catalysts, palladium can be used. It is used for producing coins.
When deciding which precious metal to choose, consider how much you expect to spend on your gold. You may be better buying gold that is less expensive per ounce.
You also need to think about whether your investment is private. If you do, you should choose palladium.
Palladium is worth more than gold. But it's also less common. It's likely that you will have to pay more.
Another important factor when choosing between gold and silver is their storage fees. Storage fees for gold are determined by its weight. So you'll pay a higher fee for storing larger amounts of gold.
Silver is measured in volume. You'll be charged less for smaller amounts.
Follow all IRS rules regarding silver and gold if you are storing precious metals within an IRA. This includes keeping track of transactions and reporting them to the IRS.
Can a gold IRA make you money?
Yes, but it's not as simple as you think. It depends on how much you're willing to risk. A $10,000 investment per year for 20 years could lead to $1 million by retirement age. If you try to put all your eggs into one basket, you will lose everything.
Diversifying your investments is essential. Inflation makes gold a good investment. You want to invest in an asset class that rises along with inflation. Stocks do this well because they rise when companies increase profits. This is also true for bonds. They pay annual interest. They're great for economic growth.
But what happens if inflation is not present? In deflationary periods stocks and bonds both fall in value. Investors should not put all of their savings in one investment such as a stock mutual fund or bond.
Instead, they should invest in a mix of different funds. For example, they could invest in both stocks and bonds. They could also invest both in bonds and cash.
By doing so, they are exposed to both the positive and negative sides of the coin. Both deflation and inflation. They will continue to see a rise over time.
What Should Your IRA Include in Precious Metals?
Investing in precious metals such as gold and silver is the best way to protect yourself from inflation. This is not only an investment for retirement, but it can also help you prepare for any economic downturn.
The prices of gold and silver have increased substantially over the past few decades, but they remain safe investments because they do not fluctuate as frequently as stocks. There is always demand for these materials.
Prices for silver and gold are predictable and usually stable. They increase with economic growth and decrease in recessions. This makes them great money-savers and long-term investments.
Ten percent should go into precious metals. That percentage could go higher if you want to diversify your portfolio further.
What are the pros & con's of a golden IRA?
A gold IRA is an excellent investment vehicle for those who want to diversify their holdings but don't have access to traditional banking services. It allows investors to invest in precious materials such as gold and silver without paying tax on gains until they are withdrawn.
The downside is that withdrawing money early will pay ordinary income tax on the earnings. However, creditors will not be able to seize these funds if you default on your loan.
If you are looking to own gold without worrying about taxes, a golden IRA could be for you.
Are precious metal IRAs a smart investment?
How much risk you are willing to take for an IRA account's value loss will determine the answer. You can use them if your cash balance is $10,000, as long you don't expect it to grow quickly. However, if you plan on saving for retirement over several decades and want to invest in assets that are likely to increase in value (gold), these may not be the best choice. They can also come with fees that could cut into any gains.
What precious metals could you invest in to retire?
First, you need to understand what you have and where you are spending your money. You can start by making a list of all your assets. This includes all savings accounts and stocks, bonds or mutual funds. It also should include certificates of Deposit (CDs), life insurance policies. Annuities, 401k plans, real-estate investments, and other assets like precious metals. To determine how much money is available to invest, add all these items.
If you are between 59 and 59 1/2 years, you might consider opening a Roth IRA. A Roth IRA, on the other hand, allows you to subtract contributions from your taxable revenue. But, future earnings won't allow you to take tax deductions.
If you decide you need more money, you will likely need to open another investment account. Start with a regular brokerage.
Statistics
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
External Links
wsj.com
en.wikipedia.org
investopedia.com
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
How to get started buying silver with an IRA
How to start buying silver with your IRA – The best way to invest in gold and silver is through direct ownership of physical bullion. Bars and silver coins are the most common form of investment. They offer liquidity, diversification, and convenience.
If you want to buy precious metals like gold and silver, several options are available. They can be purchased directly from the producers (mining companies or refiners). Or, if you don't want to deal with the hassle of dealing directly with a producer, you can buy them from a dealer who buys and sells bullion products.
This article will discuss how to start investing in silver with your IRA.
- Investing in Gold & Silver through Direct Ownership – The best way to purchase precious metals is to directly go to the source. This involves getting the bullion and having it delivered to your doorstep. Some investors keep their bullion at home, while others store it in a secure storage unit. Make sure you properly store your precious metal when you keep it. Many storage facilities offer insurance against fire, theft and damage. Even with insurance, your investments could be damaged by natural disasters or human error. It is always a good idea to store precious metals in safe deposit boxes at banks or credit unions.
- Online Precious Metals Purchase – You can buy bullion online if you want to avoid having precious metals in heavy boxes. Bullion dealers sell bullion in different forms, including coins and bars. You can find coins in many sizes, shapes, or designs. Coins are usually easier to carry than bars, and they tend to be less expensive. There are many sizes and weights of bars. Bars come in a variety of sizes and weights. Some bars weigh hundreds while others weigh just a few pounds. You should consider the purpose of the bar before you decide on which one to get. If you plan on giving it as gifts, you might choose something smaller. It might not be the best choice if you're looking to add it in your collection or display it proudly.
- Dealers for Precious Metal – The third option is to buy bullion direct from dealers. Most dealers only specialize in one type of market, either silver or gold. Some dealers specialize only in bullion of certain types, such as rounds or minted coin. Others are more skilled in certain regions. Others specialize in bulk buying. No matter what dealer you choose you will find that they offer great prices and flexible payment options.
- Investment in Retirement Accounts: Buying precious metallics through retirement accounts – Although not technically an investment, this is another way to get exposure to precious metals. To qualify for tax benefits under Section 219 of the IRS Code, you must invest in precious metals through a qualified retirement account. These accounts include IRAs and 401(k), as well as 403(b), plans. These accounts offer higher returns because they are created to help you plan for retirement. These accounts also allow you to diversify across multiple metals. The downside? There are limitations to retirement account investments. These accounts can only, however, be accessed by those who work for an employer that sponsors them.
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By: Sergio Goschenko
Title: Cantor Fitzgerald CEO Confirms Business Relationship with Tether
Sourced From: news.bitcoin.com/adam-back-says-suck-that-truthoors-as-cantor-fitzgerald-ceo-reveals-company-holds-tethers-treasuries/
Published Date: Fri, 15 Dec 2023 09:00:54 +0000
