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

Bitcoin 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.

"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.

Commenting on the findings, David Rosenberg, chief economist at Rosenberg Research & Associates, concluded that the Fed alone would thus need to print $5 trillion of liquidity in 2021.This would compound the feeling of unease which began with this year's mass money printing, which has sent U.S. national debt over $27 trillion.

Rosenberg told Twitter followers to buy gold, but for Max Keiser, there is a clear alternative which makes more sense.

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.

"The extreme wealth concentration created by Covid becomes permanent. This would be a new Dark Ages," he tweeted on Wednesday.