Institutional interest in Bitcoin has reached another important milestone after the American mutual life insurance company invested in it.
The recent $ 100 Million investment in BTC by the Massachusetts Mutual Life Insurance Company has caused major shocks.
Managing Director at J.P. Morgan, Nikolaos Panigirtzoglou, along with other strategists, said that buying from MassMutual means that interest in Bitcoin has already shifted to insurance companies and pension funds.
The statements of strategists from JPMorgan were published today by Bloomberg, and these strategist also stated:
MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors,
One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.
The Massachusetts Mutual Life Insurance Company was founded in 1851 and according to published information serving over five million clients.
If pension funds and insurance companies in the US, EURO area, U.K. and Japan allocated only 1% of their assets to BTC, it would lead to Bitcoin demand of $ 600 billion, the strategists added.
The current market cap of Bitcoin is around $ 356 billion (at the time of writing).
Read also: Grayscale increases its investment by purchasing 131,402 ETH and 1,313 BTC
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