Dec 11, 2020 - Economy

Wall Street's embrace of bitcoin continues

Illustration of a light shining on a bitcoin in the dark.

Illustration: Sarah Grillo/Axios

Any doubts that bitcoin is now a kosher investment for Wall Street can likely be put to rest.

Driving the news: MassMutual announced Thursday a $100 million bitcoin investment. It also bought a $5 million stake in NYDIG, the firm that facilitated the purchase.

  • The investment is a drop in the bucket for a company that controls $235 billion in its general investment fund, as the Wall Street Journal noted.
  • However, MassMutual is the latest in a string of big players buying into bitcoin’s “digital gold” narrative. 

The big picture: Wall Street stalwarts started warming to the original crypto coin in recent months at a time when rampant stimulus could drive inflation, and established investors like Stanley Druckenmiller, Bill Miller and others made public statements on bitcoin’s utility as a store of value.

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Go deeper: Read coverage of MassMutual's investment on Coindesk

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