NYDIG chairman urges investors to choose Bitcoin over altcoins

The founder of the institution-focused platform New York Digital Investment Group (NYDIG), Ross Stevens, urged crypto-industry participants to invest exclusively in Bitcoin.

A message from our Founder & Executive Chairman, Ross Stevens, as the sudden collapse of Alameda and FTX has the industry searching for answers.

Link: https://t.co/icHCa57TYj pic.twitter.com/MXfxAmTmJs

— NYDIG (@NYDIG) November 10, 2022

“Nothing has changed. […] I reiterate: do not invest in cryptocurrencies other than Bitcoin,” he wrote.

According to Stevens, NYDIG “has always been and will remain a Bitcoin company.” He said that in the past he could have partnered with the bankrupt Three Arrows Capital, Celsius Network, FTX and BlockFi.

Stevens also recalled the possibility of investing in “yield-generating” crypto projects, which at one time proved highly profitable, but overall were doomed to fail.

“Life is too short to spend it collaborating with anyone other than people you like, whom you trust and with whom you will be fiercely proud to be in the trenches under fire,” he wrote.

The NYDIG chairman urged readers to stay focused, humble and kind. He also highlighted the resilience of the first cryptocurrency.

“A new Bitcoin block was produced every ten minutes. Every ten minutes. Sam Bankman-Fried or Changpeng Zhao or I or you worry about Bitcoin as much as gravity,” Stevens added.

In late 2021, NYDIG raised $1 billion, closing a record financing round for the industry. It was led by WestCap.

In October 2022, the platform raised $720 million to buy Bitcoin and appointed Nate Conrad as president. Tejas Shah became NYDIG’s CEO.

In the same month, CoinDesk reported mass layoffs at the company. According to the publication’s sources, NYDIG cut about 100 people, or roughly 30% of its staff.

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