Massachusetts Mutual Life Insurance Co. has acquired $100 million worth of Bitcoin, according to a Dec. 10 report by The Wall Street Journal.
Advertisement
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.
Wed, 12/02/2020 - 06:07
CEO of $7.43 Trillion Asset Manager Changes His Tune on Bitcoin
Ripple Partners With Deutsche Bank, $2 Billion in Bitcoin Scooped by Whales, Schwartz Criticizes Logan Paul, Shiba Inu Price Enters Consolidation — Top Weekly Crypto News
Crypto Market Review: Shiba Inu Price Momentum Returns In New Uptrend, Is Ethereum (ETH) Stuck in the Mud? Bitcoin Isn't Giving Up on $70,000
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.
Advertisement
Vladislav Sopov
Dan Burgin