BREAKING: $235 Billion U.S. Mutual Life Insurance Company Makes Major Bitcoin Bet

News Breaking

By Alex Dovbnya

Thu, 10/12/2020 - 19:20

Massachusetts Mutual Life Insurance Co. has put $100 million into Bitcoin.

BREAKING: $235 Billion U.S. Mutual Life Insurance Company Makes Major Bitcoin Bet

Massachusetts Mutual Life Insurance Co. has acquired $100 million worth of Bitcoin, according to a Dec. 10 report by The Wall Street Journal.

MassMutual now also holds a $5 million stake in New York Digital Investment Group, the crypto asset management firm that was responsible for carrying out the purchase.

NYDIG founder Ross Stevens claims that a "depreciating dollar" was the main impetus behind the investment.

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Even though $100 million is just a drop in the bucket compared to its $235 billion investment account, the company — which was founded back in 1851 — claims that it provides "measured yet meaningful exposure" in the age of digitalization.