Billionaire investor Mike Novogratz has described MassMutual insurance company’s Bitcoin purchase as the most important news in the cryptocurrency industry this year.
Novogratz said that in a year marked by an increased number of institutions adopting Bitcoin (BTC), the insurance investment could the largest Bitcoin news of 2020. He tweeted his views, saying:
“This might be the most important $BTC news of 2020. An insurance company buys Bitcoin for its general account. This needs Fed approval. It’s a HUGE deal.”
Massachusetts Mutual Life Insurance Company, also known as MassMutual, had announced that it bought $100 million in Bitcoin for its general investment fund. The insurance firm also acquired a $5 million minority equity stake of the New York Digital Investment Group (NYDIG) company, which offers crypto services to institutions. NYDIG already keeps over $2.3 billion in cryptocurrencies for clients and will now be offering custody services for MassMutual’s…