Kelly Evans: Bitcoin breaks $20k as the Fed meets

Kelly Evans: Bitcoin breaks $20k as the Fed meets

Well, Bitcoin finally broke above $20,000 per coin this morning, for the first time ever.  It has seemed inevitable ever since the floodgates opened for big-money institutional investors to start pouring in. It all goes back to comments that investors Bill Miller and Stanley Druckenmiller made in early November in support of the rationale for owning Bitcoin (more here). I've mentioned Raoul Pal's remark a number of times ("That has removed every obstacle for any hedge fund or endowment to invest.") Or as Danny Masters of CoinShares put it on Power Lunch, "[It's] fast migrating into a career risk for not having Bitcoin in your portfolio."   Sure enough, the big money has started flowing in. Last week, the big life insurer MassMutual announced it had purchased $100 million of Bitcoin (and bought a small piece of NYDIG, a crypto custodial service). "As MassMutual is considered to be a thought leader in the insurance industry, we would expect other insurers to invest in bitcoin instruments," wrote market strategist Brian Reynolds. MassMutual is hardly putting much capital at risk; half a percent, roughly, of their $235 billion investment portfolio. But that's exactly the point that Miller and others (like the Winklevoss twins, who claim