Ross Stevens, the founder of the Stone Ridge Asset Management and the New York Digital Investment Group (NYDIG), has recently mentioned that he is seeing a “wall of money”, coming into Bitcoin. In an interview with Michael Saylor, CEO of MicroStrategy, Stevens has shared his view on Bitcoin’s institutional adoption. He mentioned that:
“NYDIG is a full service vertically integrated bitcoin-only financial services firm.”
Ross Stevens Talks About Increase in Institutional Adoption
During the interview, Ross Stevens has mentioned the increase of institutional adoption in Bitcoin. He stated that one year ago, the firm was having only 25 institutional clients and now it is having over 280 of them. The firm is holding over $6 billion in Bitcoin and is hoping that by the end of the year, this number will go above to $25 billion in Bitcoin.
Ross Stevens has backed this through the order book of his firms and has talked all about the facts. It has been seen that different kinds of institutions are adopting Bitcoin, which includes public and private companies and various equity and hedge funds as well.
Institutions Aiming to do More With Bitcoin
Ross Stevens has mentioned that all the institutional investors who are investing in Bitcoin are aiming to do more with Bitcoin. He believes that these institutions must be having some huge plans as they don’t want to just own Bitcoin. Stevens claims that within a year, Americans might be receiving some part of their income in Bitcoin. He is hoping that there will be a huge growth in financial innovation driven by Bitcoin. It has been seen that there is a significant spurt in institutional investors and they must have gotten immune to the risk associated with the currency. This is the reason why he sees a “wall of money” coming into Bitcoin’s ecosystem.