UK asset manager Ruffer brings in $ 1.1 billion in profits for Bitcoin
UK asset management firm Ruffer reportedly said its bitcoin investment generated around $ 1.1 billion in profits. The company says bitcoin has been "a wonderful store of value " and is stills bullish on long term cryptocurrency.
Ruffer Profits $ 1.1 billion from investment in Bitcoin
London-based asset management firm Ruffer revealed it made $ 1.1 billion in profits from its bitcoin investment in five months, the Sunday Times reported June 6. The company has around £ 22.4 billion ($ 32 billion) under management as of April 30.
Hamish Baillie, chief investment officer at Ruffer, said the management company assets initially had invested around $ 600 million in bitcoin in November of last year when the price of BTC was less than $ 20,000. The director detailed:
Baillie explained that stimulus checks have fueled some demand for cryptocurrencies, noting that young people's interest in them may wane as lockdowns end and as economies reopen.
CIO expects institutions to continue buying data BTC for their wallets and embracing cryptocurrency as an alternative safe haven asset.
Regarding whether Ruffer will buy more bitcoins, the director said that is definitely not out In addition, he denounced the "hyperbole and disinformation " surrounding the energy consumption of bitcoin. He also pointed out the "huge social benefits " of bitcoin in countries like Venezuela. Baillie is of the opinion:
Ruffer previously explained that it is BTC investment "diversifies the company's investments in gold and inflation-indexed bonds, and acts as a hedge against some of the currency risks and market that we see. The company added, "Due to zero interest rates, the investment world is desperate for new safe havens and uncorrelated assets. We believe we are relatively early in the game. this, at the foot of a long trend of institutional adoption and financialization of bitcoin. "
A spokesperson for Ruffer was quoted by Reuters on Tuesday, decliningarant:
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