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

Alex Dovbnya

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

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Thu, 10/12/2020 - 19:20

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

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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.

CEO of $7.43 Trillion Asset Manager Changes His Tune on Bitcoin

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.

#Bitcoin News

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.