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This might be the most important Bitcoin (BTC) news of 2020, says Mike Novogratz.
Massachusetts-based insurance firm MassMutual just announced that it has purchased $100 million in Bitcoin for its general investment account.
According to a report from The Wall Street Journal, the company purchased the Bitcoins â purportedly 5,470 BTC given the current price of $18,279 â through New York-based fund management company NYDIG.Â
MassMutual also reportedly bought a $5 million equity stake in the firm, which holds $2.3 billion in cryptocurrency.
MassMutual told Cointelegraph that the investment is part of a broad strategy, with the goal of achieving âmeasured yet meaningful exposure to a growing economic aspect of our increasingly digital world.â The company clarified that:
âOur $100 million investment in Bitcoin through NYDIG will represent .04 percent â or less than one tenth of one percent â of our total GIA.â
The purchase comes as major institutional players are adopting Bitcoin for the first time and going longer on crypto investments. In September, business intelligence firmÂ
MicroStrategy purchased more than $425 million in Bitcoin as a reserve asset. Earlier this week, the company announced it would invest the proceeds from a $400 million securities offering into Bitcoin as well.
MassMutual told Cointelegraph that the company oversees more than $235 billion in its general investment account as of Sept. 30.
In other trending Bitcoin News today:
âInsanely bullishâ: Glassnode CTO Predicts BTC Price Will Rise 10X From Here
The chief technical officer of crypto market data aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin (BTC) market indicators as âinsanely bullish,â and predicted prices are set to increase by more than 10 times.
On Dec. 9, Schulze-Kraft tweeted a thread providing the basis for his ultra-optimistic prediction, presenting six of âthe most important on-chain market indicators that are currently hovering at the same levels they were at the start of 2017.â
Each of Schulze-Kraftâs predictions (or estimates) see Bitcoin breaking into six figures, with all but one suggesting that BTC will exceed $200,000.
For each of the indicators, Schultze-Kraft measured the gains produced when the metric moved from a similar position in 2017 until it posted an all-time high later that year. He then multiplied Bitcoinâs current price by the same percentage increase.
Schultze-Kraft noted that Bitcoinâs Net Unrealized Profit/Loss, or NUPL â âthe difference between unrealized gains and losses based on when coins last moved on chainâ â has climbed back up to 78% of its 2017 ATH.
Bitcoinâs price gained 1,400% to its peak, as NUPL ascended from its current level to all-time highs in 201. If the same scenario played out, Kraft estimates that Bitcoinâs price could reach $286,000 this cycle.
BTCâs Market Cap to Thermocap ratio â which assesses Bitcoinâs price premium relative to miner expenditure â is currently sitting at just one-quarter of its 2017 high. In 2017, Bitcoinâs price gained 625% as the metric rose to its all-time highs, suggesting BTC could tag $138,000 in future.
Bitcoinâs MVRV Z-Score â which seeks to identify when Bitcoin is âover/undervalued relative to its âfair valueââ â currently sits at 34% of its 2017 top, the ascent to which accompanied a 1,150% price gain. Should BTC rally with the same strength as in 2017, Kraft-Schulze estimates Bitcoin will be worth $240,000 each.
Kraft-Shulze identified that metrics looking at longer-term hodler behavior suggested even higher price targets.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
1/ Where are we in the #Bitcoin market cycle?A look at some of the most important on-chain market indicators.
TLDR: Insanely bullish, most metrics are far from the top. If things develop anything like 2017, we could see more than 10x $BTC from here.
A THREAD đ pic.twitter.com/d1jU0h5fxA
â Rafael Schultze-Kraft (@n3ocortex) December 8, 2020
https://cointelegraph.com/news/new-institutional-player-massmutual-purchases-100m-bitcoin
https://cointelegraph.com/news/insanely-bullish-glassnode-cto-predicts-btc-price-will-10x-from-here
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