MAJOR Institutional Money Driving Bitcoin’s Price | This Week in Crypto – Dec 14, 2020


Massachusetts Mutual Life Insurance Co. is the latest example of an institutional player holding a stake in bitcoin. The company has announced a $100 million purchase of Bitcoin using its general investment account to take advantage of new opportunities while continuing to diversify its portfolio.

MicroStrategy has made quite a name for itself in the Bitcoin arena this year with major purchases of Bitcoin. The company recently engaged in a third Bitcoin purchase and is now looking to raise an additional $400 million so it can—you guessed it—buy even more units of Bitcoin.

Paxos Trust—the official crypto partner of PayPal—and crypto payment platform BitPay have both issued paperwork to the U.S. OCC to establish national banks in their names. The crypto companies are planning to provide both crypto and traditional financial services to their clients in the future.

DBS Group, Singapore’s largest bank, which once called Bitcoin a Ponzi scheme is soon to launch a digital asset trading platform. The bank is emphasizing its commitment by going so far as to take a 10% stake in the upcoming venture, signaling a complete change of heart and its future intentions toward the cryptocurrency industry.

If you held XRP in one of the participating exchanges or wallets on Saturday, you’ll receive the same amount of Spark tokens when the Flare network goes live in 2021 due to the airdrop that happened over the weekend. SPARK and the Flare Network intends to bring decentralized finance to the Ripple ecosystem.

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That’s what’s happened this week in crypto. See you next week.

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