BIT

Demand for cryptocurrencies spiked with MassMutual investment

  • The entry of MassMutual in the cryptosphere was observed as a positive move towards cryptos adoption
  • If all the major firms from the world put 1% of their wealth in the BTC, then demand will get skyrocketed
  • As the investments just started, in coming years, more institutions seem to get involved in the crypto space

MassMutual, a major insurance firm, was found getting further involved with the crypto industry some days before. The insurance firm became a potential competitor to Grayscale after buying Bitcoins worth $100 million. With the investment, the firm also helped increase the demand for Bitcoin. However, the surge was observed by the strategists at JPMorgan, one of the biggest banks in the US. The strategists found that adopting the digital token designed by Satoshi Nakamoto is growing enormously among bigger institutions.

MassMutual alone surged the demand for digital assets

Last week, in a release from the news outlet Bloomberg, it was revealed that major firms like MassMutual might not put a massive amount of investment into the industry. Although such major firms, if they all together invest just 1% of their total wealth in an asset class like Bitcoin, then the demand for such assets will significantly incline. According to the strategists at JPMorgan, with investments of such firms, assets can possibly rise by $600 billion, which means the firm has the capability to more than double down the total market capitalization of such virtual currencies.

Bitcoin’s demand will arise more among corporations

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The strategists of JPMorgan stated that the investment of MassMutual was another milestone for the industry in BTCs mass adoption by institutional investors. With the investment of MassMutual, it seems that soon the other institutional investors will also want to make positions in the industry. This surge in demand can be expected as other insurance firms and pension funds follow the example of MassMutual.

The investment in Bitcoins has just taken a start

By investing $100 million in the world’s leading crypto-coin, MassMutual mentioned that it’s just the beginning. According to the insurance firm, it’s just starting a broader strategy with a goal of achievements at the end. The firm also highlighted that they had measured the space and its meaningful exposure to a growing economic aspect of the bursting digital economy. However, several proponents argued that Bitcoin is gaining more recognition as a portfolio diversifier after the USD and gold get weak. Indeed, several are yet worrying about the highly volatile and bouts of scandals in the crypto world.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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