Massachusetts Mutual is the Latest Giant Institution to Purchase Bitcoin worth $100 Million

Prominent life insurance firm Massachusetts Mutual Life Insurance Co. purchases Bitcoin worth $100 million. MassMutual invests in the world’s first leading cryptocurrency via NYDIG, which is specialized in dealing with crypto assets.

Investment via NYDIG

The company has a successful history of 170 years in offering insurance services. As reported by the Wall Street Journal, NYDIG helped MassMutual in investing $100 million in Bitcoin while $5 million on equity stake. Ross Stevens, CEO and founder of NYDIG claimed there are many financial companies that have invested a significant portion of their capital in crypto assets. He even stated that the US dollar has become vulnerable to depreciation effect and minimal interest rate is another thing that forced financial giants to enter crypto space.

After the latest investment, MassMutual has become the biggest financial institution to purchase the flagship cryptocurrency. Before Massachusetts, investment giant MicroStrategy and payment firm Square were the two largest institutions who invested a significant portion of their wealth into crypto assets.

The latest purchase comprising of $100 million makes only 0.04% of the capital the insurance company is holding as the worth of the company was standing at $235 billion. It is just a start and the company may go into the crypto space more by exploring new crypto instruments. MassMutual has called this investment “meaningful” because Bitcoin is proving a good investment hedge against broad global economic disruption.

Even JPMorgan, one of the largest US-based banks, claimed that the world is moving from the world’s renowned hedge gold to top digital asset because gold is losing its reputation among investors while Bitcoin is expressing an exponential performance. The rising trend of Bitcoin over gold would not stop but rather increase in the future due to the massive funding of institutional clients into the world’s leading crypto asset. The analysts at JPMorgan seem very bullish as they predict high adoption on the part of institutional investors.

In 2020, crypto assets get a broad recognition as uncertain economic status has overtaken the world financial structure. Prominent billionaire personalities, such as Paul Tudor Jones and Stan Druckenmiller, have also taken Bitcoin and other cryptocurrencies seriously.

Legendry financial experts have also predicted very high rates for the top digital asset in the next 5 to 10 years. For instance, Mike McGlone speculated a $100,000 value while Winklevoss twins expected $500,000 from the flagship cryptocurrency.

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