By Hidayat Sultanli
On Dec 14, 2020
According to US investment banking giant JPMorgan Chase & Co, MassMutual’s purchase of Bitcoin could be a key milestone. Bank strategists say that $ 600 billion could enter the market if this trend continues.
Lately, the institutional adoption of Bitcoin is increasing rapidly. The leading crypto fluctuates between the $ 18,400 and $ 19,500 range and tries to break the $ 20,000 resistance. For now, even though BTC is experiencing a correction, every week, the new market giants take positions in BTC. So, analysts made important statements on this subject in its latest report cited by Bloomberg.
Famous banking giant JP Morgan highlighted that in the near past, Bitcoin has drawn the attention of notable institutional investors, and there can be more investment in the leading cryptocurrency soon. MassMutual’s $ 100 million acquisition of Bitcoin (BTC) last week is a major event for the crypto community. According to bank strategists, this event could further increase the demand for Bitcoin (BTC).
The bank’s strategists pointed out that Bitcoin has expanded from family offices and wealthy investors to pension funds and insurance companies. Last week, Massachusetts Mutual Life Insurance Company (MassMutual) also jumped onto the Bitcoin investment bandwagon. In the investor’s note dated December 11, Nikolaos Panigirtzoglou, bank’s Managing Director and leading strategist said:
“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.”
Nikolaos Panigirtzoglou estimates that Bitcoin represents only 0.18% of investment in family offices. The decision of such companies to buy Bitcoins, even as little as 1%, could bring the market $ 600 billion. This amount is high enough compared to the current market value of Bitcoin. It could have a significant impact on Bitcoin.
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