MassMutual becomes the latest announced institutional buyer of bitcoin, and this one could be even more significant in terms of precedent.
Today on the Brief:
- FDA panel recommends Pfizer vaccine approval as initial jobless claims soar
- Antitrust lawsuit calls for Facebook breakup
- Crypto-friendly CFTC chairman to resign at the beginning of the year
Our main discussion: Why MassMutual bought $100 million in bitcoin and why it matters.
In this episode, NLW looks at recent news that MassMutual had purchased $100 million in bitcoin for its general account, as well as made a $5 million minority investment in $2.3 billion asset manager NYDIG, which helped facilitate the bitcoin purchase. He discusses why insurance company purchases are different than other institutional buyers like MicroStrategy, and why this might be the beginning of a more significant industry trend.