NYDIG Expects to Hold $25 Billion In Bitcoin for Institutions by End of 2021

Ross Stevens, the founder and CEO of New York Digital Investment Group (NYDIG) has predicted that the firm could significantly increase the amount of Bitcoin it holds under management by the end of this year to $25 Billion in BTC

Stevens said that at the MicroStrategy’s World 2021 Conference event where he revealed that while currently the NYDIG has $6 billion in Bitcoin assets under management, the amount could reach $25 billion by the end of 2021 because the company already has adequate institutional buy orders lined up to push its holdings to such levels.

Stevens had a conversation with MicroStrategy CEO, Michael Saylor, during the conference where he said:

“I believe that the most important decision that CEOs will make in the next ten years will be deciding to allocate to Bitcoin.”

Stevens disclosed that NYDIG has seen all customers continuing to build up their initial investments to date. He said:

“My partners bought more Bitcoin in 2020 than in 2013-2019 combined. As our fiat businesses continue to inflate and accelerate, I expect we will buy more bitcoin in the next two years.[…]We are capital allocators. If we didn’t believe we would make money off this, we wouldn’t invest a penny.”

Currently, NYDIG manages $6 billion in Bitcoin for its 280 institutional customers, with more than 96 more on the waiting list. Steven said that the company can onboard at least 75 clients a month.

Bitcoin the Next Big Treasure

In the past, Bitcoin’s immature financial ecosystem, legal ambiguities, and extreme volatility made it inappropriate for anyone but speculators. However, since falling from its initial peak seen in December 2017, the cryptocurrency’s financial infrastructure has significantly matured. A recent price spike witnessed in 2020 has seen a return of the volatility that has attracted a rising number of investors.

The COVID-19 pandemic has made an enormous impact. The response by central banks and sovereign treasuries has been worrisome to investors. As more dollars are printed by the Federal Reserve, talks of additional stimulus being injected into the US economy is on the rise and the threat of inflation looms. This explains the reasons why major companies with cash reserves are doubtful about the long-term stability of the US dollar and looking to a hedge to build their wealth and protect their assets. This apparently explains the increasing trend of public companies adding Bitcoin to their balance sheet. MicroStrategy started the trend and followed by Square Inc.

Image source: Shutterstock

Source

Tagged : / / / / / /

Kraken’s Biggest Crypto Traders Unveil Bitcoin Price Forecasts for the Year Ahead

As a year marked by economic strife comes to a close, Kraken’s VIP clients are confident in Bitcoin’s resilience heading into 2021. Most institutional traders surveyed by the San Francisco exchange say they’re even more confident of Bitcoin’s potential now than when the pandemic broke out in March, with 65% believing that Bitcoin remains in […]

The post Kraken’s Biggest Crypto Traders Unveil Bitcoin Price Forecasts for the Year Ahead appeared first on The Daily Hodl.

Source

Tagged : / / / / / / /

Bitcoin Would See Billions of Inflows If All Life Insurance Firms Followed MassMutual

MassMutual shocked the industry yesterday when it purchased Bitcoin to complement its general investment account. Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a long-standing life insurance company that services five million clients. It is based in the city of Springfield, Massachusetts, with over 7,000 employees. The company is reported to own over […]

Source

Tagged : / / / / / / / / /

Coinbase Will Support Eth2 Beacon Chain Staking

ethereum taking a majestic flight

ethereum taking a majestic flightStarting in early 2021, Coinbase will support ETH staking and distribution of client rewards once Eth2 Phase 0 is active as per a statement on Dec 1. Service Available in Eligible Jurisdiction The service will only be accessible to clients in eligible jurisdictions including the United States and any of the over 100 supported countries. More details will

Read MoreRead More. The post by Dalmas Ngetich appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

Source

Tagged : / / / / / / /

Bybit Introduces New Trading Features: Quarterly Futures, Sub-Accounts & MT4

ByBit Review

Bybit is celebrating its third anniversary by introducing a range of new trading tools for its clients. The platform has attracted a user base of more than 1 million people and is continuing to grow its presence in the crypto markets. It will be offering quarterly futures contracts, sub-accounts, in addition to new ways to […]

The post Bybit Introduces New Trading Features: Quarterly Futures, Sub-Accounts & MT4 appeared first on Blockonomi.

Source

Tagged : / / /
Bitcoin (BTC) $ 27,028.24 0.64%
Ethereum (ETH) $ 1,890.15 0.84%
Litecoin (LTC) $ 95.18 0.46%
Bitcoin Cash (BCH) $ 114.47 0.11%