Crypto Giant Bitcoin Walllet

Crypto Giant Bitcoin Walllet

Crypto Asset Giant Expects to Reach $25,000,000,000 in Bitcoin Under Management This Year

New York Digital Investment Group (NYDIG) founder and chairman, Ross Stevens, contends that his firm may hold $25 billion worth of Bitcoin under management by the end of 2021.

In a conversation with MicroStrategy CEO Michael Saylor during the firm’s WORLD.NOW event aimed at helping corporations understand the advantages of Bitcoin, the CEO of the digital asset management firm highlights his firm’s rapid growth over the past year.

Not only has the firm’s institutional client base grown exponentially in the past year, says Stevens, but the CEO also anticipates that by the close of 2021, the company’s dollar value of BTC under management will increase by over 316% in the coming year.

“A year ago we had 25 institutional clients. Today we have 280 institutional clients. We’ve got a pipeline in the onboarding process of 96, we can put 75 institutions through the pipe a month. That’s our current capacity. We’ve got over $6 billion in Bitcoin now between what’s in the door and what’s committed from institutions… By the end of the year, Michael, I am confident that we will have over $25 billion of Bitcoin. I just got this order book. I’m not guessing. I see what’s happening.”

The NYDIG founder goes on to highlight that the breadth of institutions interested in Bitcoin is wide and all-encompassing. Stevens asserts that institutions not only want to own Bitcoin, but want to expand its use-cases for their companies possibly even allowing employees to be paid in Bitcoin.

“All kinds of institutions are adopting Bitcoin… the most conservative but also the most sophisticated and most careful investors in the world… and these institutions want to do more than just own Bitcoin.

Within a year America, is 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 in Bitcoin… There is going to be an explosion in Bitcoin-driven financial innovation.”

As for the risks involved for clients in adopting Bitcoin, Stevens believes that not only are the chances of Bitcoin going to zero extremely low, but that it has an unbeatable asymmetric upside.

“We are risk managers and what you’re talking about here with Bitcoin is an extraordinarily asymmetric upside asset and we can debate whether it’s good or bad, but I think we can’t debate the asymmetric upside to it. It’s perhaps the most asymmetric potential right tale asset in the world in history.” 

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