Stone Ridge CEO Says ‘A Wall Of Money’ Is Coming To Bitcoin
Stone Ridge Asset Management CEO Ross Stevens claims ‘a wall of money’ is coming to the Bitcoin market, citing the company’s Bitcoin subsidiary NYDIG order book as proof.
Stevens kicked off MicroStrategy’s Bitcoin for Corporations conference with Michael Saylor, who was noticeably excited by what he was hearing.
Ross Stevens is the CEO and founder of Stone Ridge which owns the Bitcoin subsidiary NYDIG Bitcoin fund, and the opening speaker ignited the mood for the conference going forward.
Stevens explained how Bitcoin as an asset was now being de-risked by institutions, who were readying themselves to plough money into the Bitcoin market.
‘Bitcoin is being de-risked,’ explained Stevens. ‘You’re just going to see a wall of money. I know it, I have an order book. A wall of money coming into the asset class.’
Stevens had previously mentioned how he expected his Bitcoin fund NYDIG to grow over the coming year. With a current AUM of around $6 billion, Stevens explained the subsidiary’s order book would push the valuation up to $25 billion by the end of the year.
‘I am confident we’ll have over $25 billion of Bitcoin by the end of the year. I just got this order book. I’m not guessing, I see what’s happening,’ explained the StoneRidge CEO.
All Kinds Of Institutions Are Adopting Bitcoin And Will Drive Innovation
MicroStrategy CEO Michael Saylor was clearly woke by the bombs Stevens was dropping, and pressed him on the type of institution that might be interested in Bitcoin to which the Stone Ridge CEO
‘All kinds of institutions are adopting Bitcoin,’ explained Stevens who is looking to onboard up to 90 a month with the infrastructure Stone Ridge has in place now.
‘Public companies, private companies, hedge funds, private equity companies, credit funds… Even investors, if you asked me a year ago would they come in, I’d say absolutely not,’ articulated Stevens.
And while Ross Stevens was bullish on the idea of institutions holding Bitcoin the asset, the Stone Ridge CEO appeared more animated as he discussed the way Bitcoin adoption would flourish over the next year.
‘They’re just getting started. These institutions want to do more than just own Bitcoin. That’s table stakes,’ explained Stevens, who revealed NYDIG’s partnership with payments app Strike.
‘Within a year Americans are going to be able to get a portion of their income annuities paid in Bitcoin. Americans are going to be able to get a portion of their salaries paid in Bitcoin…. There’s going to be an explosion in Bitcoin driven financial innovation.’
Stevens enunciated every detail in his and NYDIG’s theory, and detailed the disruption of what was coming this year thanks to Bitcoin and Lightning Networks and the Strike global payment application.
A Wall Of Money And Innovation Is Coming
Institutional interest in Bitcoin is irrefutable, unless you’re Peter Schiff of course. Once MicroStrategy announced its Bitcoin strategy in August last year, the floodgates were forever opened.
Bitcoin adoption is inevitable, and the corporate interest in MicroStrategy’s Bitcoin For Corporations conference is telling.
And Michael Saylor putting on Ross Stevens as an opening speaker was a masterstroke. The Stone Ridge CEO articulated the power of Bitcoin as an asset and network perfectly.
He knows a wall of money is coming to Bitcoin and expects his fund to X4 this year as a result. The order book is full, NYDIG just need to onramp their corporate clients.
But Stevens was also as passionate about the innovation that is about to happen. His company partners with arguably the most exciting application in years, Strike, and he knows what is coming.
Institutions are also beginning to understand what’s coming, and realise they have to plug into Bitcoin. And the best way is clearly to talk with Michael Saylor and Ross Stevens.