Life insurance giant Massachusetts Mutual Life Insurance (MassMutual) invests heavily in Bitcoin. The major insurance company buys a minority stake in the Bitcoin enterprise investment solutions company NYDIG. Galaxy Digital CEO Mike Novogratz said MassMutual’s investments could be the biggest bitcoin news for 2020.
Mike Novogratz: MassMutual’s investments are the biggest Bitcoin news of 2020!
Wall Street Jorunal reported that major insurance company Massachusetts Mutual Life Insurance purchased $ 100 million worth of Bitcoin. The purchase was made through NYDIG, a New York-based fund management company that has approximately $ 2.3 billion worth of Bitcoin and cryptocurrencies under its management. Massachusetts Mutual Life Insurance also acquired a $ 5 million stake in NYDIG.
Bitcoin bull and Galaxy Digital CEO Mike Novogratz told 156,000 Twitter followers that MassMutual’s investments in a year of rising corporate adoption of Bitcoin could be the biggest Bitcoin news for 2020. Tim Corbett, MassMutual’s chief investment officer, believes that investments are a very important part of the firm’s portfolio. In addition, Tim Corbett says that adding Bitcoin to their portfolio “will help MassMutual provide long-term value to policy holders.”
Ross Stevens: MassMutual’s investment will inspire the Bitcoin community
Tim Corbett says the company looks forward to seeking other diverse and innovative ways to add value to its members. NYDIG founder Ross Stevens also has a positive view of the deal. Ross Stevens predicts that MassMutual’s investment will greatly inspire the Bitcoin community and support the top cryptocurrency as it continues to compete with institutional investors. Ross Stevens comments on the subject:
BITCOIN IS THE FOUNDATION OF OUR APPLICATION AND SOLID MONEY THAT CANNOT BE PRINTED ASYMPTOTICALLY WITH AN UNRELATED RISK BONUS. TO HELP NYDIG SUPPORT THE NEXT FOOT OF BITCOIN’S JOURNEY I COULD NOT IMAGINE WORKING WITH A BETTER COMPANY THAN MASSMUTUAL. THE CONTINUOUS FOCUS ON SAFETY, SECURITY AND RESPONSIBLE INNOVATION TO POLICY OWNERS AND FAMILIES… THIS DEVELOPMENT WILL INSPIRE THE BITCOIN AND CRYPTO MONETARY COMMUNITY.