Cryptocurrency enthusiasts were quick to respond to the news that hackers breached the US Department of the Treasury by saying that Bitcoin is unsafe.
A report by Reuters revealed that a “sophisticated group of hackers” backed by a foreign government. It was able to breach the computer security breaches of the United States Department of the Treasury and the National Telecommunications and Information Administration, or NTIA, with the Department of Commerce.
With the attack, hackers had access to the mailboxes of these institutions. And, thus, to be able to spy on the information that arrived in this way.
The incident occurred less than a month after Donald Trump fired the head of cybersecurity for the Department of Homeland Security, Chris Krebs.
However, Reuters stated that the hackers had been monitoring the emails of NTIA staff. Running on Microsoft’s Office 365 “for months.”
Other government agencies may have been breached as well, but the sources did not provide additional details.
In response to the attack on such a powerful government agency, cryptocurrency enthusiasts pointed to the advantages of Bitcoin (BTC).
“Bitcoin is never hacked”, said Kraken’s head of business, Dan Held, on Twitter referencing BTC being unhackable. For his part, Anthony Pompliano, also echoed Held’s sentiment. Saying “Bitcoin has never been hacked, Bitcoin is unhackable.”
JPMorgan Says MassMutual’s BTC Raid Signals Increasing Demand
Analysts at JPMorgan have said that the recent purchases of bitcoin by Massachusetts Mutual Life Insurance Co. are a sign of a growing widespread acceptance of the cryptocurrency.
“MassMutual’s bitcoin purchases represent another milestone in bitcoin adoption by institutional investors,” strategists at JPMorgan said, according to Bloomberg on Monday.
“You can see the potential demand that could emerge in the coming years as other insurance companies and pension funds follow MassMutual’s lead.”they added.
On Thursday, the 169-year-old insurance firm announced purchases of Bitcoins worth $ 100 million. As well as a USD 5 million equity stake in NYDIG. A Bitcoin-focused financial services firm with $ 2.3 billion in asset under management.
MassMutual’s move suggests that insurance companies and pension funds are beginning to view Bitcoin as a reserve / investment asset alongside increased demand from wealthy investors and family offices.
Tyler Winklevoss: “The smartest people in the room are quietly buying Bitcoin”
Throughout 2020, more than a handful of traditional finance giants have bought oodles of Bitcoin (BTC), including billionaire Paul Tudor Jones and business intelligence company MicroStrategy.
These investments are part of an inflow of large amounts of money in BTC. The co-founders of cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss recently said.
“These are the most sophisticated investors, the smartest people in the room, quietly buying Bitcoin, so it’s not a FOMO thing (fear of missing out on profits)”Tyler said in a CNBC interview.
Major institutions are here for this round, as opposed to the Bitcoin retail-led run up in 2017, Tyler explained.
Over the course of this year, in addition to Tudor Jones and Microstrategy, Stanley Druckenmiller, Jack Dorsey’s Square, MassMutual, and Guggenheim Partners have gained exposure to Bitcoin. Its investments in cryptocurrency align with an unstable global economic atmosphere plagued by money printing efforts.