MassMutual Life Insurance Co. buys its first batch of BTC at $100 million

December 11, 2020

Reading Time: 2 minutes

The Massachusetts Mutual Life Insurance company recently joined the Bitcoin community with $100million worth of Bitcoin. The Bitcoin trading was overseen by the trading service-New York Digital Investment Group (NYDIG), and from the transaction, Mass Mutual proudly owns a 5% million equity stake of the NYDIG.

Can it be the Fear of Missing Out

This news comes after major companies and prominent business entrepreneurs chose to invest in Cryptocurrency. After Microstrategy bought $425 million BTC in October of this year, companies took it as their cue and have since flocked to buy Bitcoins as quickly as possible. Twitter’s CEO, Jack Dorsey, also recently purchased $50 million worth of Bitcoin for his other company-Square.

It is quite interesting to note that the Mass Mutual company has general investments in money buckets for an amount totaling to $235 billion in September. In an interview with the wall street journal, Mass Mutual did not exactly pinpoint why they picked out Bitcoin and added it among their pool of investors.

Nevertheless, the company stated that it wanted a measured yet meaningful involvement with the rapidly growing decentralized digital platforms. This evident fear of missing out will definitely spur a more deliberate movement for companies and billionaires worldwide to get a pie of this pie before prices skyrocket.

MassMutual’s purchase might kickstart more similar Investments

NYDIG has been intentional in targeting institutions and preaching the gospel of Crypto investment. Just last week, the company employed Patrick Sells- an award-winning entrepreneur for innovations in digital banking.

It is no brainer when a 160-year-old insurance company decides to take embrace digital currency movements. In all their years of service, they must have analyzed and navigated all technological inventions.  The double investment MassMutual signed up to makes them shareholders with the trading company may elicit more positive mass participation.

 

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