($100 MILLION) Crypto Bitcoin Cryptocurrency Update 12-10-20 Bitcoin Over $18,300 Crypto ETF Invest

$100 MILLION INVESTED!!! Here’s your crypto, bitcoin and cryptocurrencies update for Thursday, December 10th, 2020 (12-10-20).

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JPMorgan believes that the price of gold will be impacted for years to come, thanks in large part to the rise of bitcoin.

Among two of their accounts, one holding assets in gold and the other in bitcoins, their data shows that $7 billion have left gold ETF’s, while $2 billion have been added to bitcoin trust accounts.

JPMorgan’s strategists explained: “If this medium- to longer-term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years.”

With gold currently at $1,856 per ounce, the precious metal is down 1.5% on a quarter-to-date basis, while bitcoin has increased 71% in this quarter.

It’s very interesting to see just how quickly bitcoin has become a legitimate type of currency, and I’m excited to see what the future holds for the most popular cryptocurrency at this time.

Meanwhile, MassMutual, A Massachusetts-based insurance firm, made waves recently when it was announced that the company would be purchasing $100 million in bitcoin.

Adding the bitcoins to their general insurance account, MassMutual currently oversees insurance accounts topping $235 billion.

MassMutual stated that this investment is: "measured yet meaningful exposure to a growing economic aspect of our increasingly digital world."

I don’t think this will be the last financial company to invest in bitcoin and other cryptocurrencies, as this industry is just getting off the ground and is becoming a legitimate form of asset management and liquidity.

Finally, the current price of 1 bitcoin is $18,339, which is down from last week’s surge towards $20K a coin.

With the market red hot at the moment for many different cryptos, I thought it would be interesting to look at an article from Yahoo Money that estimates the future of bitcoin and cryptocurrencies in the year 2021.

Much like the previous story, many financial experts are predicting that old money institutions will begin to move some assets into cryptocurrencies.

They also suggest that it will become easier for any American to purchase bitcoins and other crypto, different cryptocurrencies to pop up throughout the year, and a move from girls and guys in their basements trading bitcoins to business people in suits swapping digital currencies.

Whatever the future holds for 2021, it’s clear the bitcoin and other cryptocurrencies are here to stay and will be a fascinating financial topic in the new year.

Source: https://www.coindesk.com/bitcoins-rising-popularity-with-investors-means-gold-will-suffer-jpmorgan

https://www.theblockcrypto.com/linked/87378/massmutual-bitcoin-insurance-purchase

https://finance.yahoo.com/news/10-predictions-2021-china-bitcoin-174532075.html

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