The founder of Stone Ridge Asset Management and the New York Digital Investment Group (NYDIG) sees a â€œwall of moneyâ€ coming into bitcoin based on his firmâ€™s order book. The executive believes that institutions are just getting started and we will see an explosion of bitcoin-focused traditional financial products within a year.
NYDIG Bullish on Bitcoin
Stone Ridge Asset Management and NYDIG founder Ross Stevens shared his insight on institutional adoption of bitcoin 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, â€œNYDIG is a full service vertically integrated bitcoin-only financial services firm,â€ he described.
â€œA year ago, we had 25 institutional clients,â€ he told Saylor. â€œToday, we have 280 institutional clients. Weâ€™ve got a pipeline in the onboarding process of 96.â€ Stevens added that at the current capacity, his company can onboard 75 institutions a month. He further revealed:
Stevens emphasized: â€œIâ€™ve just got this order book. Iâ€™m not guessing. I see whatâ€™s happening.â€
As for the types of institutions that are investing in bitcoin, Stevens said: â€œAll kinds of institutions are adopting bitcoin: public companies, private companies, hedge funds, private equity funds, credit funds. Even investors who if you asked me a year ago would they come in I would say absolutely not.â€
Emphasizing, â€œI know for sure because Iâ€™m not guessing. Theyâ€™re just getting started and these institutions want to do more than just own bitcoin. Thatâ€™s table stakes,â€ he elaborated:
He continued: â€œAnother interesting phenomenon we are seeing in our book is exactly zero clients have walked back the allocation. That may not be true for other firms but thatâ€™s true for us. So, once people get off zero, they either stand pat or they increase.â€ Furthermore, he opined that right now:
What do you think about the NYDIG founderâ€™s expectation about bitcoin? Let us know in the comments section below.
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