Massachusetts Mutual Life Insurance Co. sets another example of mainstream acceptance for the digital currency. MassMutual buys $100 million of Bitcoin for its general investment account.
Although this investment is a tiny one but it signifies further momentum for Bitcoin (BTC). The price of Bitcoin surges almost 150% year-to-date and at press time it’s trading at $17,948 USD.
MassMutual buys this Bitcoin through a New York-based fund management company called NYDIG. Not only Bitcoin but it has also acquired a $5 million minority equity stake in NYDIG.
Basically, NYDIG (New York Digital Investment Group) is a New-York based fund management company. NYDIG has about $2.3 billion of Bitcoin and other cryptocurrencies under management.
“Other return-hungry insurance companies have also bought bitcoin for their general accounts through his firm. Interest rates that are hovering near zero and a depreciating dollar have made bitcoin appear more attractive”, said Ross Stevens, the founder and executive chairman of NYDIG.
Not only MassMutual other companies are also investing millions in digital currency. Square Inc. the payments firm invested $50 million in Bitcoin for its corporate treasury in October. Also, the tech company MicroStrategy Inc. invested around $425 million this year.
At the press time BTC is trading at $17,917.14 USD (-2.69%). The BTC dominance is 62.9% as per CoinMarketCap data. The market cap and 24h trading volume of Bitcoin are $332,956,613,541 USD and $28,031,545,771 USD respectively.