Bitcoin hits record $20,000, sheds bad actor image

Mass Mutual takes $100M bitcoin stake

Bitcoin has blasted through a new milestone: $20,000, an all-time high.

The cryptocurrency has been climbing this year, up over 186%, as more companies and institutions have disclosed acceptance of the once shaky currency, most recently insurance giant Mass Mutual.

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“A lot of the time people were saying this is something only used by drug dealers, by bad actors in the economy and now you’re finding out your grandparent's insurance company is buying it as well,” said INX Chief Marketing Officer Doug Borthwick.

Courtesy:coindesk 

Last week, Mass Mutual disclosed an investment in NYDIG, a bitcoin technology provider, along with a $100 million stake in the currency for the firm’s “general investment account" according to a statement.

Visa and PayPal are also among companies now accepting bitcoin.

Ticker Security Last Change Change %
V VISA INC. 274.23 -1.35 -0.49%
PYPL PAYPAL HOLDINGS INC. 61.58 -0.61 -0.98%

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“We are proud of this incredible moment in the history of both Bitcoin and the insurance industry. This reflects the expansion of Bitcoin to insurance company general investment accounts, as well as NYDIG’s unique ability to meet the complex needs of the most demanding institutional investors” said Robert Gutmann, co-founder and CEO of NYDIG.

Major Wall Street players are also acknowledging bitcoin is coming into own.

Alex Kraus/Bloomberg via Getty Images

BlackRock CEO Larry Fink, during a recent conference at the Council on Foreign Relations, said the currency has “caught the attention” of many people and could “evolve” into a global market asset, according to reports.