Who is Ross Stevens?
Founder and CEO of Stone ridge. His fund manages $ 20 billion in alternative investments for American and Chinese clients. Ross Stevens rose to prominence through his 2020 Letter to Shareholders which was so inspiring it was shared by Jack Dorsey – the boss of Twitter – to his millions of followers.
More interestingly, Ross Stevens is also the founder of NYDIG. This company is 100% focused on bitcoin and has financed itself from the investment bank Morgan stanley (a bank that has always been kind to bitcoin unlike Goldman Sachs or JP Morgan).
In partnership with FIS (FinTech, Financial Technology, Financial Services), NYDIG will allow Americans to buy bitcoin directly through their banks within a few months …
Ross stevens first made an inventory by making the link between inflation and the trillions printed by central banks:
“The exacerbation of wealth inequalities has been mind-boggling and we haven’t seen anything yet. As an individual, if you didn’t own any assets in 2009, the American dream has faded. Worse, it’s just a mirage if you didn’t own any assets in March of last year. “
“Inflation has devoured the American dream of which real estate and retirement were the two pillars. Indeed, when the Fed intervenes and buys back debts and other securitized products like MBS (Morgage backed securities), it buys houses. If you already own a house, well done. But if this is not the case, too bad. […] Twenty years ago, having contributed $ 1 million for your retirement, you could count on a retirement of about $ 120,000 per year. Today you get an income of $ 30,000 to $ 40,000. We can no longer afford retirement. “
“A poor person with $ 10,000 usually owns 90% to 100% in the form of cash. But for a rich person with a wealth of $ 1 million, the percentage held in cash will be 10%. Maybe 30% or even 40%, but not 90%, nor 95%. This is a problem because cash is no longer an asset. The more the FED prints, the more the value of the cash decreases. Conversely, the value of assets in the form of capital (shares, real estate) appreciates […] When you are poor, you lose your dignity every day that the Fed prints. “
“Money is technology. He always has been. It is a technology that allows you to transport your wealth over time. […] Money has no value in itself. No one wants little green pieces of paper. Nobody wants bitcoin. We use the money as a store of value to buy later. “
“When the Fed prints $ 3 trillion in a matter of weeks, it arrogates to itself the power to fix the price and the value of time, which is not acceptable. Humans are not supposed to have that kind of power over other humans. Time is all we have. So when the president of the FED says “we don’t even think about raising the rates”, what he is saying is that he doesn’t even think about thinking about stopping printing banknotes. At Stone Ridge […], we bought more bitcoin last year than in the previous five years combined. […] Bitcoin is our peaceful weapon of choice against central bank time theft. “
“Let’s talk about silver, the precious metal. The oldest fiat currency still in existence is the British pound. The English currency is 371 years old. 371 years ago, one British pound sterling was used to buy one pound of silver. Today, one pound of silver can buy 174 pounds sterling. The British currency has lost over 99% of its value. “
The discussion then refocused on NYDIG by revealing a timeline that everyone would do well to keep in mind:
“Between 2015 and 2020, if a customer asked me what is the probability of bitcoin going to zero, it was a legitimate and real conversation. If a client asked me now, and I spoke with Michael Saylor about it, I would say it’s the same likelihood of Christianity going down to zero. “
” We will allow US bank customers to buy bitcoin from their apps. We will connect the banks one after the other from the fourth quarter of 2021. “
NYDIG’s CEO then bet that a central bank will adopt bitcoin within a year. If this were to be the case, the value of bitcoin is likely to soar …
“You know I met the leaders of three of the biggest central banks in the world last Saturday. They wanted to talk about inflation and bitcoin with me. We spoke for four hours and with all due respect to the central bankers I spoke to this weekend, I have to say that the consistency and the thought – again well intentioned – and the lack of openness was breathtaking. “
“The US dollar is unfortunately in hyper inflation compared to bitcoin […]. It has depreciated 94% against bitcoin since the start of 2019. […] I think there is a 50% chance that bitcoin will be declared a reserve currency, or “legal tender”, by a central bank in the next 12 months.. “
Turkey, Iran, Venezuela? …
It should therefore be remembered from this interview that Americans will be able to start accumulating bitcoin from their bank’s app. In other words, we are on the cusp of a memorable bull run. We will have to follow very closely the epic of NYDIG in 2021/2022.