The founder of Stone Ridge Asset Management and New York Digital Investment Group (NYDIG) sees a wall of money in bitcoin, according to his firm’s order book. The top executive believes that institutions are just getting started and that we will see an explosion of traditional bitcoin-based financial products within a year.
NYDIG optimistic about Bitcoin
Ross Stevens, founder of Stone Ridge Asset Management and NYDIG, shared his views on 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 currently serves as executive chairman. Today, NYDIG is a vertically integrated, full-service bitcoin-only company, he described.
A year ago, we had 25 institutional clients, he told Saylor. Today we have 280 institutional clients. We have a pipeline pumping 96 right now. Stevens added that at current capacity, his company can handle 75 installations per month. He also stated:
We now have over $6 billion in Bitcoin between what’s on the doorstep and what institutions have committed to….. By the end of the year, I’m sure we’ll have over $25 billion in bitcoins.
Stevens pointed out: I just received this order book. I have no idea. I see what’s going on here.
As for the types of institutions investing in bitcoin, Stevens said: All types of institutions accept bitcoins: public companies, private companies, hedge funds, private equity funds and loan funds. Even investors who, if you had asked me a year ago if they wanted to come, I would have said no.
Highlight: I’m sure, because I can’t guess. They’re just getting started, and these institutions want to do more than just own bitcoins. These are the stakes, he continued:
Later this year, America will be able to pay out a portion of its annuities in bitcoins. Americans will be able to be paid part of their salary in bitcoins. If you want the ridiculous percentage of your ride paid in bitcoins, you can have it. There will be an explosion of bitcoin-based financial innovation.
He continued: Another interesting phenomenon we observe in our book is that exactly zero customers have returned to the same place. This may not be true for other companies, but it is for us. So as soon as people reach ground zero, they stop or they arrive. More than that, he believed it at the time:
What is accelerating institutional adoption is the idea that bitcoin is not at risk. I think that’s why you’ll just see a wall of money coming into this asset class.
What do you think of NYDIG founder’s expectations for bitcoin? Let us know your comments in the section below.
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