Bitcoin, the leading and most profitable cryptocurrency in the world, continues to gain the attention of everyone, including investors, analyst and even critics. In a press release on Thursday, Massachusetts Mutual Life Insurance Co. has bought about $100 million of bitcoin for its general investment account. By doing this, MassMutual has followed suit in the part of a mainstream acceptance for the upstart digital currency.

The investment in the cryptocurrency is not expected to cost the Investment company so much considering that its total portfolio of investment as at October grossed $235 Billion. It rather signifies an upscale in momentum for Bitcoin which has stood “Twice As Tall” despite its past troubled weeks.

New York Digital Investment Group(NYDIG) facilitated the investment

It is worthy to note that $100 million commitment of MassMutual to Bitcoin was purchased by NYDIG, a digital currency trading and custody platform which has about $2.3 billion of bitcoin and other altcoins under its management. MassMutual simultaneously committed about $5 million minority equity stake in NYDIG, according to reports.

The Founder and Executive Chairman of the digital trading firm NYDIG, Ross Stevens confirm that many insurance companies have bought Bitcoin through his firm. He also believes that the recent mass investments by firms into cryptocurrencies, particularly Bitcoin is as a result of interest rates that are hovering near zero and a depreciating dollar.

Tim Corbett, Chief Investment Officer at MassMutual, confirms that the bitcoin investment was based on a broad strategy to utilize the advantages of new opportunities while still keeping diversifications plans in place. He believes that the new investment will give measures and meaningful exposure to the firm. Tim concedes that MassMutual continues to look forward to further exploring additional ways to work with NYDIG, consistent with the firm’s ongoing focus on innovation and diversification.

Bitcoin continues to gain investors despite its Volatility

The price fluctuation of the crypto-giant has not deterred it from attracting investors, especially new ones. Technology firm, MicroStrategy Inc. has become an even more investor of the digital currency, by committing about $425 million this year. An announcement by the company on Wednesday, it detailed an offering of up to $550 million in convertible bonds, to use the proceeds to buy bitcoin. Many other popular companies such as Square Inc., Galaxy Digital Holdings, etc., now have millions of dollars invested in Bitcoin, with Square purchasing about $50 million Bitcoin for its corporate treasury in October 2020.

Billionaire investors such as Paul Tudor Jones and Stanley Druckenmiller who were not believers in the fluctuating cryptocurrency have now publicly disclosed bitcoin investments. The Massachusetts Mutual Life Insurance Company also know as MassMutual, founded in 1851, is an American mutual life insurance company serving five million clients. It provides financial products such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities.