A leading British hedge fund, Ruffer Investment Management has disclosed that it earned £540 million from its Bitcoin investment in less than 60 days but it has reduced the size of its crypto holdings.
In a report credited to British based newspaper, The Telegraph, Ruffer saw “immediate fireworks” after investing about 2.5% of its assets into Bitcoin about three months ago, resulting in millions of dollars in gains as the price of Bitcoin rose past $20,000 and on to a new all-time high of more than $42,000 in January.
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Rather than keeping all its Bitcoin assets, the British financial juggernaut, however, disclosed that it had sold roughly half its BTC holdings.
“The 2.5% allocation we made in November across all our funds, which totaled around $600 million — this has more than doubled so we decided to take out our ‘book cost’ and take $650 million in profits,” said Ruffer co-manager, Duncan MacInnes. “We still have around $700 million left in and are currently up by $750 million overall.”
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What you must know
- Ruffer Investment Management actively manages investments, mainly in conventional assets, and operates freely, without restrictive benchmarks.
- The British based hedge fund has about 6,600 clients worldwide, mainly individuals and families, pension funds, and charities with £21.0 billion under management as of 31 December, 2020.
- Furthermore, the lead manager disclosed that the company was initially skeptical about investing in the world’s most popular crypto in 2017 but admitted the circumstances had changed in the last four years, with many people turning to virtual assets since the COVID-19 era. Duncan MacInnes also revealed retail investors were “desperate for alternative safe-haven assets” and institutions were buying into them as well.
- At the time of writing this report, Bitcoin traded at $37,951.49 with a daily trading volume of $62.6 Billion. Bitcoin is up 5.02% for the day.
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I know what they want to do, they will make it fall very low and scare people to sell off their assets then repump it again