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Mass Mutual Life Insurance Company buys Bitcoin

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Massachusetts Mutual Life Insurance Co. enters bitcoin buyers club with the purchase of $100 million of bitcoin for its general investment account. 

Even though the investment is tiny compared to its massive holding of $235 billion. Price of the Bitcoin was hovering around $18K to $19K for a while. At the time of writing this article the current price of the Bitcoin was $18039 while dropping as low as $17802.

NYDIG, a New York-based fund management company enabled the purchase of these bitcoin for MassMutual. Currently NYDIG has $2.3 billion of bitcoin and other cryptocurrencies under management. Along with Bitcoin purchase MassMutual also acquired a $5 million minority equity stake in NYDIG, which was formerly known as New York Digital Investment Group.

This is one of such investments following the Microstrategy who bough $400 million worth of Bitcoin. This clearly shows the institutional money is entering the market and this is going create a snow ball effect. 

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