Stone Ridge’s Founder, Ross Stevens, who has also founded New York Digital Investment Group (NYDIG), predicts that a “Wall of Money” is forthcoming for Bitcoin. Stevens states that the existing institutional support for Bitcoin is just a fraction of what would follow in the not too distant future. He believes that a volcano of investment is going to erupt soon which will provide for contemporary financial products relating to Bitcoin in the coming year.
Stone Ridge’s Stevens has recently appeared in an interview in which the CEO of Microstrategy, Michael Saylor was also a guest. During the interview, Stevens commented upon institutional support for Bitcoin since 2020. He stated that his company NYDIG has now become a Bitcoin-centric financial service platform.
Stevens has been heading both, NYDIG and Stone Ridge, which he founded in 2017 and 2012 respectively. He said that in the past year they were hosting only 25 clients that belonged to the institutional sector. However, as of today, the company is expecting this number to exceed 96, said Stevens. He added that on a monthly basis the company has been acquiring at least 75 new institutional clients.
It was further revealed by Stevens that in his company’s stash there are around 6 Billion dollars worth of Bitcoins. Out of this, half of them are already acquired and the other half has been promised to be acquired by institutions, said Stevens. In addition, he predicted that at 2021’s end, they will be in a position to reach Bitcoin holding of US$ 25 Billion. To give support to his estimation, he also disclosed his order book to show that what he was speaking is true and not fictional.
He continued to speak about the Bitcoin investment frenzy by the institutional sector. Stevens lamented that irrespective of the type, every institution is looking for exploring the possibility of investing in Bitcoin. Whether it be public or private limited companies, credit funds, individual investors, or hedge funds, they all want to ride the bandwagon. Even those who were once reluctant or were too skeptic about Bitcoin, have now become Bitcoin’s fans and investors, said Evens.
At the end of his interview, Stevens suggested that what the world is looking at now is only a fraction. There is a lot more to come and joint Bitcoin investment in the not too distant future.