1851’s Mutual Insurance Company Buys Bitcoin Worth $100 M

Bitcoin receives another institutional investment of over US$ 100 Million before the year’s close. One hundred and sixty nine year old mutual life insurance company made Bitcoin investment for profit earning.

Another huge chunk of investment in Bitcoinwas witnessed lately by an institution which is over a century year old. The details suggested that a hundred million dollar investment had been injected by Massachusetts Mutual Life Insurance Co. (MMLIC). It had been informed that the present investment had been invested for the ultimate objective of profit earning.

Later on, MMLIC invested another 5 million dollar for acquiring minority shares in the company known as NYDIG. NYDIG had been known as the company which is in the business of rendering crypto services to multiple institutions. On the other hand, NYDIG had been owned and controlled by its parent company namely Stone Ridge.

It had been told that the Bitcoins so purchased by MMLIC shall be kept in NYDIG’s custody. Since NYDIG is a crypto custodian, it currently holds more than 2.3 billion dollar worth of crypto assets.

MMLIC had been one of those companies which had been around for over one hundred and sixty nine years. It was founded way back in the year 1851 and emerged as one of the trusted insurance company. However, since the inception of cryptocurrencies, the firm had never invested in the industry before. This is for the first time that MMLIC too had sought to invest in crypto, and in particular in Bitcoin.

Thereafter, MMLIC’s official ChlseaHaraty through a message said that Bitcoin investment initiative was the need of the time. She said that mass-adoption of the coin by institutions had compelled MMLIC too to explore alternate solution to keep their funds with profit option.

It is said that the Bull-Run for Bitcoin was due to the investment brought into it from private and institutional sectors. The investment got tripled when the pandemic struck and in less than six months, the entire crypto industry grew significantly. Similarly, the recent induction of Bitcoin and other cryptocurrencies by PayPal too ignited cryptocurrencies’ values to send them further up.

According to crypto analysts and experts, Bitcoin today is a far better store of value than Gold.

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