The founder of Stone Ridge Asset Management and the New York Digital Investment Group (NYDIG) sees a “wall of money” in Bitcoin based on his company’s order book. The executive believes institutions are just getting started and within a year we will see an explosion of bitcoin-focused traditional financial products.
NYDIG Bullish on Bitcoin
Stone Ridge Asset Management and NYDIG founder Ross Stevens shared their insights into the institutional adoption of Bitcoin in an interview with Michael Saylor, CEO of Microstrategy last week. Stevens founded Stone Ridge in 2012 and NYDIG in 2017, where he now serves as Executive Chairman. Today, “NYDIG is a vertically integrated, full-service financial services company that only offers Bitcoin,” he described.
“A year ago we had 25 institutional clients,” he told Saylor. “Today we have 280 institutional customers. We have a pipeline of 96 onboarding. ”Stevens added that at current capacity, his company can have 75 institutes on board per month. He further revealed:
We now have more than $ 6 billion in Bitcoin between what’s in the door and what has been promised by institutions. By the end of the year, we are confident that we will have over $ 25 billion in Bitcoin.
Stevens emphasized, “I have just received this order book. I do not advise. I see what happens. “
Regarding the types of institutions investing in Bitcoin, Stevens said, “All types of institutions use Bitcoin: public companies, private companies, hedge funds, private equity funds, loan funds. Even investors who, if you had asked me a year ago, would walk in, I absolutely wouldn’t say. “
Emphasize: “I know exactly because I don’t advise. You’re just getting started and these institutions want to own more than just Bitcoin. These are table inserts, “he explained:
Within a year, America will be able to receive part of its income pensions in bitcoin. Americans will be able to receive part of their salary in bitcoin. If you want your CD to be paid for in Bitcoin with low interest rates, you can get that too. There will be an explosion of bitcoin-fueled financial innovations.
He continued, “Another interesting phenomenon that we see in our book is that exactly zero customers have withdrawn their allocation. That may not apply to other companies, but it does to us. Once people get off the ground, they either stand up or gain weight. “Besides, he meant that now:
What is driving … the acceleration of institutional adoption is the view that Bitcoin is less at risk. I think that’s why you’ll only see a wall of money … that goes into the asset class.
What do you think of the NYDIG founder’s expectations for Bitcoin? Let us know in the comments below.
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