Wall Street is gaining momentum. Asset manager Stone Ridge appeared to have ‘secretly’ collected € 100 million worth of bitcoin. The investment fund Grayscale Bitcoin Trust (GBTC) has never seen as many millions of inflows as last quarter. Asset manager Fidelity praised the opportunities offered by Bitcoin and JP Morgan analysts expect adoption among financial services firms to increase. Macro investor Raoul Pal delivered the superlative stating, ‘Bitcoin is going to a million’.
After the hype of 2017 and the price drop that followed, Bitcoin fell out of favor with the financial sector for a long time, but the tide now seems to be turning slowly. Major and influential market players are increasingly coming out to brag about how many bitcoins they own or publishing reports promoting investments in bitcoin. Even predictions about a bitcoin exchange rate of one million seem to be coming up again.
Signs of this trend have been seen earlier when influential Wall Street personalities touted bitcoin . Bitcoin was later adopted by tech company MicroStrategy, which invested nearly half a billion in bitcoin. Payment provider Square, Twitter’s sister company, also recently invested one percent of their assets in bitcoin.Stone Ridge
Meanwhile, there appears to be more going on behind the scenes, as Forbes reported on Tuesday that asset manager Stone Ridge Asset Management has a whopping 10,000 BTC on its balance sheet, worth a whopping € 100 million. Subsidiary New York Digital Investment Group (NYDIG) announced this after a recent investment round.
It is part of a larger plan that began in 2017. Stone Ridge then took the initiative to create subsidiary NYDIG, which focuses on bitcoin management for corporate customers. Perhaps it is not surprising that parent company Stone Ridge is one of the customers, but the amount of bitcoin makes it controversial.
Who the other customers of NYDIG are is still a secret. NYDIG did le...