The founder of Stone Ridge Asset Management and the New York Digital Investment Group (NYDIG) sees a “money wall” coming into bitcoin based on his company’s order book. The executive believes that the institutions are just getting started and we will see an explosion of traditional financial products focusing on bitcoin in a year.
NYDIG High in Bitcoin
Stone Ridge Asset Management and NYDIG founder Ross Stevens shared his view on institutional bitcoin adoption last week in an interview with Microstrategy CEO Michael Saylor. Stevens founded Stone Ridge in 2012 and NYDIG in 2017, where he now serves as its executive chairman. Today, “NYDIG is a vertically integrated, full-service bitcoin-only financial services company,” he described.
“A year ago, we had 25 institutional clients,” he told Saylor. “Today, we have 280 institutional clients. We have a pipeline in the 96 integration process. ”Stevens added that, at current capacity, his company can accommodate 75 institutions per month. He further revealed:
We have more than $ 6 billion in bitcoin now between what is at the door and what is committed by institutions … By the end of the year, I am confident that we will have more than $ 25 billion in bitcoin.
Stevens emphasized: “I just received this order book. I’m not guessing. I see what’s going on. “
As for the types of institutions that are investing in bitcoin, Stevens said: “All types of institutions are adopting bitcoin: public companies, private companies, hedge funds, private equity funds, credit funds. Even the investors who, if you asked me a year ago, would, I would say absolutely not. “
Emphasizing: “I know for sure because I am not guessing. They are just getting started and these institutions want to do more than just own bitcoin. This is what is at stake ”, he elaborated:
In one year, the United States will be able to receive a portion of its bitcoin paid annuities. Americans will be able to receive a portion of their wages in bitcoin. You want the negligible interest on your CD to be paid in bitcoin, you can also get it. There will be an explosion in financial innovation based on bitcoin.
He continued: “Another interesting phenomenon that we are seeing in our book is that exactly no customers have gone back on allocation. This may not be true for other companies, but it is true for us. So, once people get out of zero, they remain steady or increase. ”In addition, he opined that now:
What’s driving… accelerated institutional adoption is the view that bitcoin is risk free. I think that’s why you’re going to see a wall of money … entering the asset class.
What do you think of the NYDIG founder’s expectation about bitcoin? Let us know in the comments section below.
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