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Do Not Invest in Non-Bitcoin Crypto: NYDIG's Ross Stevens on FTX
NYDIG has consistently passed on opportunities to partner with the likes of FTX, as well as Three Arrows, BlockFi, Celsius and others of their ilk, said the chairman.
"Life is too short to do anything other than partner with people you like, trust and would be ferociously proud to be together with in a foxhole when the bullets are flying," said NYDIG founder and Chairman Ross Stevens, explaining why his company has no exposure to the now-bankrupt FTX crypto exchange.
In an essay titled, "Through the Looking Glass," Stevens took note of a number of red flags, which had NYDIG over the years passing on numerous "opportunities" to "partner" with not just FTX but also failed platforms Three Arrows Capital, Celsius Network and others. "When you cannot satisfy yourself with straightforward answers to straightforward questions such as 'how do you make money,'" he wrote, "run, do not walk away."
STORY CONTINUES BELOW
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NYDIG, said Stevens, will remain a bitcoin company. He advised his readers not to invest in crypto other than bitcoin or in decentralized finance (DeFi) not based on the Bitcoin blockchain.
"Bitcoin cares about [now-former FTX CEO] Sam Bankman-Fried or [Binance CEO] Changpeng Zhao or me or you as much as gravity does," concluded Stevens. "Every 10 minutes a new Bitcoin block was produced. Every 10 minutes. Every 10 minutes."
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
