certify
Home arrow Article arrow Article Detail

Ruffer Asset Management made a $1.1 billion profit by selling bitcoin

Profile Image

Shivangi Mujumdar Follow

INDIA

Jun, 07 2021

Jun, 07 2021

likes | comments 0

Article Image

Ruffer Investment Management a U.K.-based company has made a $1.1 billion profit in just 5 months from investing in bitcoin 

 

The director of Ruffer investment said that the firm sold its bitcoin as younger people would not be spending so much time in trading. The firm has invested 2.5% of its $27 billion portfolios into bitcoin in November. It took profits before this year as the cryptocurrency more than doubled to around $40,000. 

 

The growth history- 

 

In February, Duncan MacInnes, the co-manager of Ruffer Investment mentioned that the firm had around $700 million left in bitcoin. The company has reported a total profit of $750 million. Ruffer made its bitcoin buying through One River Digital and Coinbase. 

 

Per Hamish Baillie, an investment director at Ruffer, the firm had primarily invested about $600 million in BTC in November 2020. Remarkably, the said trial also makes Ruffle the first fund manager to buy bitcoin. It could only be called a short-term play banking on bitcoin’s infamous yet profitable volatility. 

 

Baillie further stated that financial institutions such as Goldman Sachs and Ruffer will remain to buy bitcoin and propel it to found itself as a mainstream asset within investment portfolios. 

 

Baillie added that capitalizing on bitcoin in the future is “positively not off the menu” for Ruffer. He further stated: “If you have a multi-asset strategy then things that behave in different ways are really helpful. There’s no point being multi-asset if all your different assets move with the same dynamics.” 

 

Bitcoin Energy Intake Concerns overblown-

It happens with the major criticism towards bitcoin is the imaginary high amount of energy it consumes to remain useful. This was the reason why Tesla finished its service that allowed people to buy electric cars by paying in bitcoin. Though, according to Baillie, these worries are overblown. 

 

Baillie stated that “There is a lot of hyperbole and misinformation out there when it comes to bitcoin’s carbon footprint”. “Bitcoin uses less electricity than the gaming industry.” 

 


likes | comments 0

Profile Image

Shivangi Mujumdar

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
India's money laundering act now applies to variety of crypto operations

Prevention of Money-Laundering Act (PLMA) of 2002 now applies to a variety of cryptocurrency operations, including the exchange, transfers, custody, and administration of virtual assets..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.