Bitcoin price steady as $10B asset manager scoops up 10,000 BTC

Bitcoin (BTC) is winning the battle of the safe havens as another corporate buy-in sees $115 million enter its books. Asset management giant Stone Ridge confirmed that it made the significant purchase via its spin-off New York Digital Investment Group or NYDIG, which now has over $1 billion in assets under management.

“The macro backdrop against the public health backdrop has caused a lot of people to rethink their portfolio composition,” the company’s new CEO, Robert Gutmann, told Forbes on Oct. 13. Michael Saylor, CEO of MicroStrategy, which purchased $425 million of BTC in August and September, responded: “As the trillions of dollars on the balance sheets of banks, asset managers, insurance firms, endowments, & family offices begin their migration to the #Bitcoin universe, they will need firms like NYDIG to guide them. $1 billion down, more to go.”

The news comes as a new report warns that the United States Federal Reserve will need to print $5 trillion next year. Published on Oct. 12, the report by economists Lawrence ‘Larry’ Summers and David Cutler calculates the indirect cost of the Coronavirus to be $16 trillion. “The total cost is estimated at more than $16 trillion, or approximately 90% of the annual gross domestic product of the US. For a family of 4, the estimated loss would be nearly $200 000,” it summarizes.

Bitcoin hit highs of $11,690 on Tuesday before returning towards $11,400 at press time, still on monthly gains of 10.5% and year-to-date returns of 60%. As Cointelegraph reported, hopes are increasing that the short term will bring further upside, with even $17,000 coming into play should $12,000 be flipped to support.

Bitcoin price steady as $10B asset manager scoops up 10,000 BTC, CoinTelegraph, Oct 13