News

169-year-old MassMutual Invests $100 Million in Bitcoin

Massachusetts Mutual Life Insurance has purchased $100 million of the world’s largest digital currency, bitcoin, for its public investment fund.

The company was founded in 1851 and is considered one of the most recent majors to invest in the digital field, and also acquired a minority stake in NYDIG of Stone Ridge which provides crypto services for enterprises, NYDIG, which maintains more than $ 2.3 billion in crypto business for clients , by providing custody and protection services for the bitcoin purchased by MassMutual.

In the context of digital investments, MicroStrategy has expanded its investments in bitcoin, in addition to Square, which has also invested a lot of money in bitcoin amid news of the increasing demand for and adoption of digital currencies by institutions.

MassMutual’s investment in Bitcoin will represent 0.04% of the value of its total investment of $235 billion as of September 30th. Bitcoin prices have more than doubled during the current year and reached a record value at the beginning of this month, proponents of bitcoin say that it represents “digital gold”, is likely to retain its value during times of turmoil, and will act as a buffer against economic inflation despite the volatility that cryptocurrencies have experienced in their history.

Related Articles

Back to top button