The chairman of the New York Digital Investment Group (NYDIG) Ross Stevens has revealed very bullishly, that institutional investors are no longer just riding the bullish boat; they are dominating the entire sea.
With the staggering sum of $20 billion coming into the firm from institutional investors, Stevens says the company’s current Bitcoin holdings worth of $6 billion can potentially surge past $25 billion. This not a mere speculation though, as Stevens discloses that he gets this data directly from the firm’s order books.
He made this known at the MicroStrategy World 2021 conference. In a conversation with MicroStrategy’s Michael Saylor, he asserts that the decision to acquire Bitcoin may be the best that any founder or CEO could make in the next ten years.
“I believe that the most important decision that CEOs will make in the next ten years will be deciding to allocate to bitcoin.”
The journey to $100,000 has already begun
These sentiments are in tandem with other Bitcoiners and newcomers who stormed the market within the last 12 months. Many of these firms have already begun cashing out massive ROIs as Bitcoin’s value continues to go upward. The numbers are expected to go even higher in the coming months, as Bitcoin is predicted to retest $42k all-time high.
This is a near term price mark that could potentially send Bitcoin to $50,000, if the bulls successfully hold pressure over the next few weeks. More upside correction could be recorded if on-chain indicators start to correct. Over five of these indicators, according to on-chain analytics data platform Glassnode, are signaling a Bitcoin market rally that could send the big bull to a minimum price of $100,000, should these signals imitate 2017’s market. We cannot forget that the Stock to flow model signals a $100,000 closing price for Bitcoin by the end of this year.
But this is just a tip of the iceberg for Bitcoin. Fundamental factors like fiat and gold devaluation, coupled with institutional investors and leading players in the traditional finance industry running to Bitcoin for shelter, whether out of FOMO or not, could send Bitcoin to never-before-seen levels.
Institutional investors are here for a long time, not a good time
Keep in mind that while 2017s market was led by retail investors; this new rally is championed by the big dogs; institutional investors. And according to Stevens, they are in the market for the long term. He can be quoted saying;
“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.”