As Bitcoin continues to hold strong at its above $18k mark, more financial giants like Massachusetts Mutual (MassMutual) are jumping on the BTC bandwagon with a $100 million buy.
The insurance company bought the Bitcoin on December 10th through New York Digital Investment Group LLC (NYDIG), a Bitcoin investment firm. The firm currently manages over $2.3 billion in Bitcoin accounts. MassMutual owns $5 million in equity stake in the firm as well.
The $100 million BTC may seem small compared to MassMutual’s $235 billion account for general investment, but in the crypto market, it is quite significant.
With predictions of Bitcoin going as high as $300,000 in the next few years, a $100 million is a large—and let’s face—a smart move.
The investment also assists Bitcoin and the market move toward this optimistic direction. As more companies like Microstrategy (now planning to buy $650 million more BTC) and Square buying/investing bulks of BTC and adopting crypto into their platforms, the market gains more strength.
Companies like MassMutual undeniably control the economy so their support means a lot to the future of cryptocurrency.
Like MassMutual states, it is an investment for the inevitable part of a changing society by “giving us measured yet meaningful exposure to a growing economic aspect of our increasingly digital world.”