Insurance company MassMutual invested $ 100 million in bitcoins

American company Massachusetts Mutual Life Insurance invested $ 100 million in bitcoins to diversify its asset portfolio.

This was a measured and meaningful step towards the growing economic power of the digital world, according to management at the 169-year-old insurance institution..

According to The Wall Street Journal, the purchase of the cryptocurrency was made through the New York Digital Investments Group investment company. In addition to BTC, MassMutual also acquired a stake in NYDIG for $ 5 million.

Despite the impressive size of investments in bitcoins, for the insurance company they are only a drop in the $ 235 billion fund, which is now under its management..

Insurance company MassMutual invested $ 100 million in bitcoins

Although this is not the first institution of an institutional level to invest millions of dollars in digital assets, the parallel purchase of a share of the crypto fund demonstrates MassMutual’s desire to create an infrastructure for full implementation in the digital finance industry..

As institutional investors have increasingly preferred bitcoin over precious metals lately, JPMorgan analysts predict this trend in the long term will lead to a structural reallocation of value between these assets and negatively impact the price of gold..

text: Ivan Malichenko, photo: Bloomberg

Insurance company MassMutual invested $ 100 million in bitcoins

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