Take a fresh look at your lifestyle.

American insurance company MassMutual has invested $ 100 million in Bitcoin

0


MassMutual has officially announced that it has bought bitcoin and invested 100 million dollars.

Massachusetts Mutual Life Insurance Company (MassMutual) is an American insurance company with five million customers, nearly $ 30 billion in sales, was founded nearly 170 years ago, in 1851, and now has more than 10,000 employees.

It has been listed on the stock exchange since 1998, and in 2018 it was ranked 93rd overall in the Fortune 500 ranking of America's largest companies in terms of turnover. In addition, in 2016 it managed assets of approximately $ 675 billion.

In other words, is a traditional American financial giant and has decided to invest a hundred million in bitcoins.

The official statement also indicates that it has acquired a minority stake in NYDIG, a company that provides institutional investments and technological solutions for Bitcoin, investing 5 million dollars.

MassMutual, Bitcoin as a long-term investment

NYDIG will, in fact, take custody of the bitcoin held by MassMutual, and this additional investment seems to suggest that this is not a speculative initiative.

MassMutual's chief investment officer, Tim corbett, said:

“We believe that having an equity stake in NYDIG, as well as a Bitcoin position in our general investment account, will help us deliver long-term value to our policyholders. We look forward to exploring additional ways of working with NYDIG, consistent with our continued focus on innovation and diversification. ”

These words confirm the hypothesis of a long-term investment and reveal that the century-old company also pays attention to new technologies.

Investing in Bitcoin represents only the 0.04% of MassMutual's total investment account, with a total of $ 235 billion as of September 30, but they consider it a first step that could lead to new opportunities in the future.

After Fidelity, another large and historic financial institution has decided to enter this market, probably attracted by the possible role of BTC as a store of value in times of rising dollar inflation.

It is likely that, if the price of bitcoin in the medium and long term at least maintains its current levels, other financial institutions may decide to follow the example of these two.



Leave A Reply

Your email address will not be published.