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Seeking Alpha 2021-04-08 14:29:02

Insurance legend Hank Greenberg boosts Bitcoin bet

NYDIG (New York Digital Investment Group) announces a $100M capital raise, with Starr Insurance leading a group of property & casualty insurers as investors. Also among those investing in this round is Liberty Mutual insurance.Starr Insurance Chairman and CEO Hank Greenberg says his company has successfully invested with (NYDIG co-founder) Ross Stevens for years.Alongside, NYDIG announces that TransRe CEO Mike Sapnar is joining the company as Global Head of Insurance Solutions.Ross Stevens quickly sums up the case for insurance companies' need to invest in Bitcoin (BTC-USD): "Fiat depreciation causes inflation in fiat premiums, while collapsing the purchasing power of claims."Bitcoin this morning continues in its fairly tight range of the last few weeks, now selling for $57.5K.It was roughly one month ago, when New York Life Insurance ($700B in AUM) CEO Ted Mathas joined to NYDIG board.

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