Jonathan Ruffer, the chairman of Ruffer Investment Company, deemed Bitcoin a seemingly “non-sensical” asset, but one that still makes sense after the coin’s winter price movement proved profitable.
The firm reallocated 2.5% of its Multi-Strategies Fund from gold to Bitcoin in November as a hedge against the “continued devaluation” of fiat.
Since then, the value of gold appreciated by 4%, while the value of Bitcoin grew by 92% — a figure which briefly rose to 123% during BTC’s short stay above $40,000 on Jan. 10.
Ruffer said the firm added exposure to Bitcoin because he thinks BTC could challenge gold’s status as the one “supra-currency.”
As of Nov. 30, Ruffer Investment Company had roughly $27.5 billion in assets under management. The company was founded in 1994 and employs 330 people, serving around 6,600 clients comprised of pension funds, families, charities and individuals worldwide.
After a sharp correction that lowered its price to nearly $30,000, Bitcoin is close to reclaiming $40,000. The leading...
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