JPMorgan: MassMutual s Bitcoin Foray Signals Widening Demand
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J P Morgan says insurer s bitcoin foray shows rising demand by institutions
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A recent investment in
Bitcoin by Massachusetts Mutual Life Insurance Co. highlights the potential for additional institutional demand for the cryptocurrency in coming years, according to
The $100 million purchase suggests adoption of Bitcoin is spreading from family offices and wealthy investors to insurance firms and pension funds, strategists including Nikolaos Panigirtzoglou said in a note Friday. The latter two are unlikely to ever make high allocations, but even a small shift toward the cryptocurrency could be significant, according to the strategists, according to
Bloomberg.
“MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors,” the strategists said. “One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”