Ruffer Profits $1.1 Billion From Bitcoin

On that account, the BTC Investment diversified the company's Investments in gold and inflation-linked bonds.

As at the time of writing this news, the following information was gathered;

Ruffer, a British Asset Management firm revealed that it has acquired additional $1.1 billion from it's bitcoin Investment. The London-based asset management firm disclosed in a space of five months it was able to gather about $1.1 billion in profit from it's bitcoin Investment.

It was gathered that on June 6, the Sunday Times reported that the firm had about £22.4 billion ($32 billion) under management as at April 30.

An investment Director at Ruffer, Hamish Hallie disclosed that around November 2020, the company had initially invested about $600 million in bitcoin when the price of BTC was below $20,000.

He further revealed that stimulus checks exacerbated the rising demand for cryptocurrencies; noting that the interest of younger people could flounder as lockdowns end and economies reopen.

Furthermore, the Investment Director advises Institutions to keep buying BTC in their portfolios and embrace cryptocurrency as a better alternative to hold onto.

Other important updates from the news include;

It was also gathered from the director that the firm is on the verge of acquiring more bitcoin and he equally emphasised on the claims that appear not to be true about bitcoin's energy Consumption. He also identified the huge social benefits from bitcoin, which countries like Venezuela are enjoying.

Ruffer had earlier illustrated that it's bitcoin Investment "diversified the company's Investment in gold and inflation-linked bonds, and acts as a hedge to some of the momentary and market risks encountered.

In the, he noted that due to zero interest rates in the investment world is desperate for new safe-havens and uncorrelated assets.

What are your thoughts about Ruffer's bitcoin plan?