It’s been just revealed that the life insurance giant MassMutual purchased Bitcoin and acquired a minority stake in the Bitcoin institutional investment solutions firm, NYDIG.
The online publication the Daily Hodl mentioned a press-release which says that the mutual life insurance company, which has been operating across the span of three centuries, made a $5 million equity investment in NYDIG and a $100 million investment into Bitcoin.
This is the biggest crypto news of 2020
Mike Novogratz recently posted in Twitter that in this year which has been already marked by massive institutional adoption of Bitcoin, MassMututal’s investments could be the biggest Bitcoin news of 2020.
Here’s the tweet that he shared on his social media account below.
— Mike Novogratz (@novogratz) December 10, 2020
Plan B said: “Huge indeed! Technically you might not need fed approval if you already have fed approval for the asset class, which in case of bitcoin is .. commodities. Not entirely sure about US regulation though. Very interesting situation.”
Caitlin Long hopped in the comments and said: “Yep–interesting. Note life insurance cos don’t need Fed approval to invest in #bitcoin tho. They’re state-regulated and can invest a small portion of their general account in any asset under NAIC risk-based capital rules (most likely holding $ for $ capital against their BTC).”
The online publication mentioned above noted that NYDIG founder Ross Stevens is also fond of this agreement.
He made sure to predict the fact that MassMutual’s investment will inspire the Bitcoin community at large and boost the king coin as it continues to gain traction with institutional investors.
“Bitcoin – asymptotically unprintable sound money with an uncorrelated risk premium – is a cornerstone of our practice,” he said.