MassMutual Bitcoin Investment Has Tripled In Dollar Value

  • MassMutual has more than tripled the dollar value of its bitcoin investment in under one year.
  • The insurance company bought an undisclosed amount of BTC for $100,000,000 on December 10, 2020, when the bitcoin price was hovering around $18,500.

The Massachusetts Mutual Life Insurance Company has more than tripled its bitcoin investment in under one year. The previous BTC/USD top before December 10 was $19,918, and at the time of writing, one bitcoin was worth over $60,000.

In December, MassMutual secured a $100 million bitcoin purchase through institutional bitcoin services provider NYDIG. The Massachusetts-based insurance company jumped on the Bitcoin hype train with the announcement of its millionaire acquisition, empowered by the assistance of NYDIG.

MassMutual explained in December that its BTC acquisition was part of a strategy to remain diversified yet take advantage of new arising opportunities, Wall Street Journal reported. In addition to the $100 million bitcoin purchase, MassMutual acquired a $5 million stake in NYDIG itself.

The precise amount of bitcoin that MassMutual bought is unknown, however considering the epoch of the announcement, approximations can be made. On December 10, 2020, the historical Bitcoin price all-time high (ATH) was $19,918. At the time of writing, one bitcoin is worth over $60,000, meaning that MassMutual has more than tripled its investment in less than one year.

As Bitcoin starts approaching its current ATH of $64,895, Bitcoiners are mostly on profit in dollar terms, and the same holds true for institutions.

Jack Dorsey’s Square, for instance, has officially more than doubled its money on its Bitcoin investment. The company’s $220 million BTC purchase is now worth over $470 million. Michael Saylor’s MicroStrategy is also well in the green. The company’s $3,16 billion investment in BTC is now worth north of $6.7 billion.


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MicroStrategy’s Michael Saylor to Host BTC Summit in February

Michael Saylor, CEO of MicroStrategy, is fully prepared to host the Virtual Bitcoin Corporate Strategy Summit next week on February 3 and 4. At the summit, the CEO will tell significant companies how to invest some of their reserve money in Bitcoin (BTC).

BTC Price Momentum

Bitcoin has been stumbling a little lately. The world’s leading digital currency by market cap, which spent most of its trades in more than $ 41,000 in early January (the highest point to date), fell to around $ 33,400 during press time.

Saylor Will Push a BTC Agenda

MicroStrategy has been trending for the last five months. The company was one of the first major institutions to publicly support bitcoin, buying hundreds of millions of dollars in digital assets between August and December last year. The company’s CEO, Michael Saylor, believes that the next four weeks can produce a whole new digital resilience level.

Top executives from the crypto industry have promised to attend the event next week. Big names include Grayscale CEO Michael Sunshine, Ross Stevens Asset CEO Ross Stevens, Brett Tejpole, Coinbase Institutional Sales Boss, Fidelity Digital Assets, Kraken CEO Jesse Powell, Gemini Business Development boss Dave Abner and many others.

Michael Saylor has pitched not only big companies but also taken bold bitcoin bets. The total amount of BTC on MicroStrategy is a vast 70,784 bitcoin. With the Bitcoin Virtual Summit, Michael Sailor is ready to share his Bitcoin Investment Plan with big companies with deep pockets. It is interesting to note how much his company has exposed the Bitcoin investment pathway to numerous other institutions that have followed in his company’s footsteps.

Bitcoin Price Set to Go Higher

Apart from the big Bitcoin event, several other chain indicators could trigger a Bitcoin price rally over the next month. Bitcoin address activity continues to increase, indicating that the long-term upward trend is still intact. The number of bitcoin addresses interacting with the Bitcoin network is growing, implying an impending price increase.

Comments on the summit have come up, including Joe DiPasquale’s – the chief executive officer of Bit Bull Capital in San Francisco, California. He claimed that the meeting could potentially trigger more big companies to take an interest in cryptocurrency investment.

Following news that MicroStrategy is deeply embedded in the world’s leading digital currency, companies such as Stone Ridge (which will co-host the seminar), Square, and MassMutual were fast to do the same.

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JPMorgan says MassMutual Bitcoin Investment Signals Institutional Demand Could Quickly Grow by $600 Billion

JPMorgan thinks growing institutional demand could see up to $600 billion flow into Bitcoin in the near future after insurance giant Massachusetts Mutual Life Insurance Co. (MassMutual) invested $100 million into BTC.

Concept of Bitcoin in demand

While the $100 million Bitcoin investment is quite small for the US-based insurance company, whose general investment account totalled nearly $235 billion as of Sept. 30 this year—JPMorgan Chase & Co think it signals the potential for an additional $600 billion of institutional investment flowing into the BTC cryptocurrency’s marketcap in the near future.

According to Bloomberg on Dec. 14, JPMorgan’s Nikolaos Panigirtzoglou said MassMutuals $100 million BTC purchase suggests adoption of Bitcoin is spreading from family offices and wealthy investors to insurance firms and pension funds.

Panigirtzoglou predicts that more institutions are going to follow MassMutual’s, the JPMorgan strategist said:

“MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors. One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”

The JPMorgan strategist said that insurance firms and pension funds are unlikely to ever make high allocations, but even a small shift toward the cryptocurrency could be significant—with only 1% of pension funds and insurance companies in the US, euro area, UK and Japan assets needed to accrue an additional $600 billion for Bitcoin’s marketcap.

Bitcoin Replacing Gold?

Bitcoin advocates argue the cryptocurrency is gaining more recognition as a portfolio diversifier amid the dollar decline in purchasing power similar to gold. However, many institutions remain unconvinced of Bitcoin’s ability  to act as a store of wealth since the cryptocurrency world is prone to high volatility and cybercrime.

Tom Jessop, President of Fidelity Investments digital assets arm recently told Reuters, that his firm still uses the word “potential” when describing volatile Bitcoin’s ability to act as a store of value, although many investors appear sold on the BTC as a safe haven narrative.

The Bitcoin price has been flirting with $20,000 over the past few weeks, BTC’s macro bull-run appears largely driven by growing consensus in the market and amongst institutional investors of the crypto’s utility as a store of value against a weakening dollar. However, Fidelity Digital Assets President Tom Jessop explained to the Reuters Global Investment Outlook Summit that Bitcoin’s volatility makes it difficult to classify as a true store of value. Jessop said:

“We use the word ‘potential store of value’ as bitcoin is still extremely volatile, and by any standard perhaps would not achieve the mantle of a true store of value.”

JPMorgan CEO, Jamie Dimon also remains skeptical of Bitcoin, and does not appear completely onboard with the major US bank’s strategists who seem to be growing bullish on BTC.

In a recent report by Bloomberg, the JPMorgan strategists reported that Bitcoin’s institutional adoption had only started to pick up steam:

“The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced.”

Meanwhile Bitcoin billionaire Tyler Winklevoss remains as bullish as ever that Bitcoin price will surge to $500,000 and replace gold as a store of value with a $9 trillion market cap by 2030. On the news of MassMutual’s $100 million investment, Winklevoss tweeted:

“And another domino falls on the yellow brick road to #Bitcoin being worth $500k per bitcoin. Who’s next?”

Image source: Shutterstock


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US Insurance Giant with $28.6 Billion in Revenue Buys $100 Million Worth of Bitcoin

MassMutual Joins the Bitcoin Club With $100 Million Purchase

MassMutual Joins the Bitcoin Club With $100 Million PurchaseThe Massachusetts Mutual Life Insurance Company–a 169-year-old insurance firm that generated $28.6 billion in revenue in 2019, has bought $100 million of Bitcoin from its general investment account, the Wall Street Journal reported on Dec 11. MassMutual Bitcoin Endorsement An endorsement of Bitcoin, MassMutual joins other public companies, including MicroStrategy and Square, that have invested a

Read MoreRead More. The post by Dalmas Ngetich appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News


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Bitcoin Would See Billions of Inflows If All Life Insurance Firms Followed MassMutual

MassMutual shocked the industry yesterday when it purchased Bitcoin to complement its general investment account. Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a long-standing life insurance company that services five million clients. It is based in the city of Springfield, Massachusetts, with over 7,000 employees. The company is reported to own over […]


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Tyler Winklevoss Predicts $500K BTC price as MassMutual Insurance Giant Buys up $100 million in Bitcoin

As Bitcoin gains further mainstream momentum with US insurance giant MassMutual buying up $100 million in BTC for its portfolio, Bitcoin billionaire Tyler Winklevoss appears to be gaining confidence in his $500,000 per BTC prediction.

Bitcoin billionaires Tyler and Cameron Winklevoss

Bitcoin’s (BTC) mainstream appeal is gaining momentum as insurance giant Massachusetts Mutual Life Insurance Co. (MassMutual) buys up $100 million of the cryptocurrency for its general investment account.

According to the WSJ on Dec. 10, the $100 million BTC investment is actually quite small for the US-based insurance company whose general investment account totaled nearly $235 billion as of Sept. 30 this year.

Gemini crypto exchange founder, Tyler Winklevoss has been very public in his prediction for the BTC price to reach $500K per crypto and replace gold as the preferred safe-haven asset.

While the investment may be a small one for the insurance giant, the move diversify its portfolio with the pioneer cryptocurrency, signifies further momentum for Bitcoin according to Winklevoss.

As the Wall Street Journal broke the news of MassMutual’s $100 million BTC investment, Winklevoss tweeted:

“And another domino falls on the yellow brick road to #Bitcoin being worth $500k per bitcoin. Who’s next?”

MassMutual purchased the Bitcoin through a New York-based fund management company called NYDIG, which has over $2 billion in BTC and crypto-assets under management. MassMutual also acquired a $5 million minority equity stake in NYDIG, as reported by the WSJ.

The Bitcoin price reached a new all-time high in late November at $19,835, topping its 2017 high, and is currently trading under the $18,000 level, approximately gaining 150% year-to-date.

Market Cap of $9 Trillion and BTC Price of $500,000 by 2030

In a recent interview with CNBC, Tyler and Cameron Winklevoss predicted that the Bitcoin price will surge to $500,000 and replace gold as a store of value with a $9 trillion market cap by 2030.

The Gemini crypto exchange co-founders said in the that Bitcoin is a better store of value than gold and BTC’s market cap will likely grow to around $9 trillion as it transforms into gold 2.0.

Tyler Winklevoss said:

“Our thesis is that Bitcoin is gold 2.0, that it will disrupt gold, and if it does that, it has to have a market cap of $9 trillion, so we think it could price one day at $500,000 of Bitcoin.”

According to the billionaire Bitcoin investors, the room for BTC’s price growth makes it a good investment even at its current high levels.

“So at $18,000 bitcoin, it’s a hold or at least if you don’t have any, it’s a buy opportunity because we think there’s a 25x from here.”

The Winklevoss’s are firm believers in Bitcoin’s and explain its sensational surge as being due to an increasing number of retail and institutional investors realizing that BTC is the best store of value against inflation offering much higher returns than gold.

Image source: Shutterstock


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