Bitcoin worth $100 million was bought by a major US insurance company
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Answer Bitcoin worth $100 million was bought by a major US insurance company
Institutional demand for Bitcoin is increasing, which is evident by the introduction of more institutions and companies and their allocation of large sums of money to buy the first digital currency in the crypto market.
Massachusetts Mutual Buys $100 Million in Bitcoin:
Massachusetts Mutual, Inc., an insurance company founded in 1851, is a US-based joint venture with more than five million clients.
Thus, traditional Massachusetts Mutual is the latest applicant to buy large amounts of bitcoin.
According to the newspaper,The Wall Street Journal“Earlier yesterday, the insurance company had purchased $100 million worth of bitcoin for a general investment.
The insurance company hired the services of a fund manager “NYDIG” in New York, and in addition, the insurance company acquired a minority stake of $ 5 million in “NYDIG.”
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The report indicated that buying Bitcoin is part of Mutual’s strategy, which made a statement that:
We want to take advantage of new opportunities while continuing to diversify the investment portfolio.
Exposure to Bitcoin will give us measured yet meaningful exposure to the growing economic side of our increasingly digital world.
Ross Stevens, Founder and Chairman of the NYDIG Fund, said:
Other insurance companies have also expressed interest in buying bitcoin, while few have actually done so.
Interest in Bitcoin from companies outside the cryptocurrency industry has surged in 2020 and especially in the past several months.
Before Mutual, companies like Nasac-listed MicroStrategy and Square also bought millions of dollars in bitcoin.
Despite the announcement of the recent purchase of Bitcoin by Mutual, the price was not positively affected, but rather the opposite, as the price of Bitcoin fell to the level of $ 17,800.
Read:Bitcoin Shows Great Resiliency Considering High 10-Year Treasury Yield
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