Mainstream Investment Firms Beginning to Embrace Bitcoin
When is a good time to start paying attention to Bitcoin? If you play at Australian online casinos, you probably already dabble in it as a way to make online casino deposits. However, it now appears that major investment firms other notable investors are beginning to change their minds about digital assets.
This is huge for the future of Bitcoin, and those that currently use Bitcoin to play online casino games may start seeing the crypto skyrocket in the upcoming months.
MassMutual Buys $100 Million in Bitcoin
Massachusetts Mutual Life Insurance Company, also known as MassMutual, made an incredible move recently. They’ve purchased $100 million in Bitcoin as part of its general investment fund. The US-based mutual insurer started business back in 1851 and has been one of the top investment firms in the world for years.
— Nafis Alam (@nafisalam) December 13, 2020
According to reports, the stake in Bitcoin will only represent a 0.04% share of the investment account. That account has a value of close to $235 billion. This is not the first time that MassMutual has dabbled in what some might call speculative opportunities. According to Chelsea Haraty, a spokesperson for MassMutual, “We see this initial investment as a first step, and like any investment, may explore future opportunities.”
That’s not the only move by the company. MassMutual has also acquired a minority stake in NYDIG. The company provides crypto services to various institutions. A subsidiary of Stone Ridge, the company oversees over $2.3 billion in cryptocurrency. The company will also keep track of MassMutual’s Bitcoin investment.
Ray Dalio Also Hops Aboard the Bitcoin Train
Billionaire Ray Dalio has also given an endorsement for Bitcoin. He is calling BTC a “gold-like asset alternative” and says that Bitcoin is one of several digital currencies that can be viewed as a viable asset.
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According to Dalio, “I think that bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth.”
This is an about-face for Dalio, who has said in the past that Bitcoin was not an effective wealth store. He even warned last month that crypto could be outlawed. Now he has changed his mind, likely due to the fact that many in the mainstream are seeing the value of BTC and other cryptocurrencies.
Why Mainstream Adoption is Exciting
When you see companies like MassMutual investing in Bitcoin and opponents changing their minds on BTC, you should be getting excited. Back when Satoshi Nakamoto created Bitcoin, he envisioned a world where BTC was universally accepted. The adoption of cryptocurrency has been slow, but it is gaining momentum.
When major investment firms start getting aboard a product, it instills trust in the average investor. It will create more demand for a product, and ultimately push up the price of an asset.
What does that mean for online casino players. First, it means that you will likely see more casinos begin to offer Bitcoin and other cryptocurrencies for deposit. This gives you more opportunities to gamble with crypto. You may even have the opportunity to gamble with fiat and cash out with BTC.
If you already have BTC, this is a time to HODL instead of dump. Some people are tempted to drop their crypto at the new record highs. That’s a bit short-sighted as BTC has the potential to skyrocket in the next few months or years. The more that mainstream investment institutions get involved with Bitcoin, the more it will rise. It will be interesting to see where crypto is a year from now and whether the bull run continues.
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