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 5 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.

billion down, more to go.”

The news comes as a new report warns that the United States Federal Reserve will need to print 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 trillion. “The total cost is estimated at more than trillion, or approximately 90% of the annual gross domestic product of the US. For a family of 4, the estimated loss would be nearly 0 000,” it summarizes.

Bitcoin hit highs of ,690 on Tuesday before returning towards ,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 ,000 coming into play should ,000 be flipped to support.

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