https://www.bloomberg.com/news/arti...l-invests-100-million-in-bitcoin?srnd=premium Bloomberg source below and interesting commentary from Twitter post by Dan Tapiero 169-Year-Old MassMutual Invests $100 Million in Bitcoin By Olga Kharif December 10, 2020, 12:15 PM PST Updated on December 10, 2020, 2:22 PM PST Investment represents 0.04% of its general investment account Insurer also makes $5 million equity investment in NYDIG Massachusetts Mutual Life Insurance Co. has purchased $100 million in Bitcoin for its general investment fund, the latest mainstream firm to dabble in digit assets. The mutual insurer also acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge that provides cryptocurrency services to institutions, according to a statement. NYDIG, which already keeps more than $2.3 billion in crypto assets for clients, will provide custody services for MassMutual’s Bitcoins. MassMutual, which has been around since 1851, is the latest company to invest in the largest cryptocurrency. MicroStrategy Inc. has expanded its investments into the coin, and Square Inc. has poured money into the world’s most popular cryptocurrency as well amid talk of growing institutional adoption and demand. The investment in Bitcoin will represent 0.04% of the general investment account of nearly $235 billion as of Sept. 30, MassMutual said. “We see this initial investment as a first step, and like any investment, may explore future opportunities,” spokeswoman Chelsea Haraty said in a email. Bitcoin has more than doubled in price this year, and hit an all-time high earlier this month. Advocates say that Bitcoin is a kind of digital gold, likely to retain its value during times of turmoil and as a hedge against inflation despite the historical volatility of the cryptocurrency.
"The investment in Bitcoin will represent 0.04% of the general investment account" Might as well be crypto...
There are 2 ways to invest : Invest when the trend starts to form ( Apr 20 or Oct 20). Of course, there might be false signals. Why ? You enter a very good & low price. Invest when price breaks record high (20 000 level ), breaks 1 year high, breaks 10 years high, ie wait for all the planets to be aligned first. Then pull the trigger. Why ? When price breaks record high, it will go higher and higher and higher ... to the moon, Mars, and beyond. This method is recommended by professional talkers and professional writers. 1st way - you enter at a very good, low price 2nd way - you enter at a very lousy, high price What a world !!!
Can't short but can gamble with peoples money. Fucking assholes. It does not matter how small the investment in relative terms. Someone who can't even short by investment mandate and selling it as a safety clause should NEVER be allowed to invest other peoples' money in cryptos. Only shows that the absolute top of the paper bull market is getting nearer and nearer. Those guys are already in every other asset. This is one of the many signs. Preposterous.
Twitter is absolutely making crypto folks giddy. $100M from an insurance company, one of the most risk-averse type and heavily regulated investing in bitcoin instead of bonds. Opens up the whole can of worms. No yield in bonds. The smart guys in the meeting room at MassMutual must have figured out Michael Saylor is planning to cause an armageddon on cheap money financial universe, when MSTR announced plans to issue 0.75% convertible senior notes to buy bitcoins. Why not bypass the issuer and buy bitcoins themselves? Smart folks get a raise. Plus, there's yield on bitcoins as collateral assets due to the high velocity of money in the crypto world (saw it on an interview, i'm not an economist and don't know what that means). It does open up some kind of possibility that MM probably put up some arguments on a possibility to capitalize on yields while holding bitcoins. Get paid to hodl bitcoins instead of not getting paid sh*t to hodl bonds. Sec lending on scarce digital asset.
Gamble? This guy above ^ thinks he is capable of running a 235B fund. Can't short? Pretty sure MassMutual can still buy inverse ETFs.