And just like that, the institutions are showing up...
What seemed like a fairy tail for several years now is finally becoming reality.
The institutions are finally showing up.
One could argue that MSTR was a one off event being lead by a madman hellbent on running his company into the ground as he chased his dream of making bitcoin the world's reserve currency...
However, you can't argue with the more recent development.
MassMutual announced today that they have invested $100 million into Bitcoin.
The announcement came this afternoon in the WSJ:
According to recent filings, MassMutual has over $235 billion in its general investing account.
Why the investment?
Here's a quote from the company:
"The investment is part of a broad strategy, with the goal of achieving measured yet meaningful exposure to a growing economic aspect of our increasingly digital world."
"Our $100 million investment in Bitcoin through NYDIG will represent .04 percent – or less than one tenth of one percent – of our total GIA."
This is very big news...
If the MSTR news was the biggest news of the week, this has to be the second biggest, if not the biggest.
Sure, the $100 million they are investing is a drop in the bucket compared with their investible assets, but they aren't throwing $100 million at something without doing some homework.
This news hits especially close to home for me personally as I once worked for MassMutual many years ago.
I didn't work there for a long period of time, but some time never the less.
They have been around for 169 years and are one of the biggest insurance companies in the world.
Them investing in bitcoin gives it the stamp of approval that many other funds and companies needed to see in order to start picking up some as well.
I think we are going to see a ton of announcements like this over the coming weeks and months.
Bitcoin is never going below $10k again, and probably never below $12k again either.
Personally I would be shocked if it ever goes below $14k again.
Institutions are going to provide way too much support for there to be any big selloffs around these levels.
Hope you already loaded the boat!
Stay informed my friends.
Image Source:
https://decrypt.co/51101/massmutual-buys-bitcoin
-Doc