The Massachusetts Mutual Life Insurance Company has jumped on the Bitcoin hype train with the announcement that it will buy $ 100 million at BTC for its general insurance account, which totaled nearly $ 235 billion in September, according to the Wall Street Journal.
This is continuing an ongoing trend of companies and organizations diving head-on to buy bitcoin this year, which seems to be creating an even more institutionalized FOMO as it goes. This could be just the beginning of a bitcoin accumulation strategy for the company.
The bitcoin was purchased through the New York Digital Investment Group (NYDIG) trading service, but more than BTC was being acquired here. MassMutal also acquired a $ 5 million stake in TYDIG itself.
MassMutual explained that buying bitcoin was part of a strategy to continue diversification, yet take advantage of new opportunities that arise, per Diary. Here is another recent example of bitcoin proving to be a store of value in the face of uncertainty amidst traditional assets.