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Friday, May 14, 2021

Ruffer Gains $750 Million As Bitcoin Price Surges

Ruffer, a UK-based investment firm, has recently gained approximately $750 million within two months by investing in Bitcoin.

In November 2020, the company invested around 2.5% of its current assets into BTC that led to a massive profit of $750 million in very little time. In January the price of BTC crossed $20,000 and surged to $42,000 making it the new all-time high price for the cryptocurrency. Ruffer has reported that the company has now decreased its investments and sold almost half of the holdings of Bitcoin.

Ruffer’s Investment In BTC

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According to Duncan MacInnes, the co-manager of the executive of the investment management firm, the company made an allocation of 2.5% of its total assets. It proceeded to the value of $600 million and gave them the inspiration to make the recent overall profit of $750 million.

Duncan MacInnes added that initially, the firm was unsure about trading on the cryptocurrency. But as the market went through a vast change between 2017 to 2021, they accepted the current circumstances and went along with Bitcoin. 

The co-manager also stated that the covid-19 pandemic has greatly influenced the crypto market. Many investors have turned their attention to digital assets to make a profit. According to MacInnes, the retail traders are now looking for alternative and trustworthy assets to trade on thus they are showing interest in crypto assets.

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Ruffer’s inclusion of Bitcoin as an investment in their Multi-Strategies Fund is considered as a movement against the ongoing devaluation of conventional currencies. The firm has reportedly decreased its gold investment and traded on Bitcoin with 2.5% of its overall assets.

Jonathan Ruffer, the chairman of the firm, stated that though Bitcoin may seem like an illogical asset, the modern world is undoubtedly showing how digital assets work. 

Bitcoin price is rising at a steady pace and moved to $36,816 recently.

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