Ruffer Investment explains Bitcoin sale as ‘speculative frenzy’ grips the market

The asset-management firm Ruffer Investment explained its decision to sell Bitcoin amid a crypto-marketwide speculative frenzy. The Financial Times reports.

“It seemed to us that it would be better to observe from the sidelines now than from the trenches,” explained the firm’s chief investment officer Duncan MacKinnes.

In early June 2021, it emerged that Ruffer Investment earned more than $1.1 billion from bitcoin investments in five months. In November 2020 the company bought its first cryptocurrency for $600 million.

According to MacKinnes, the firm did not buy digital gold during the correction.

“When a coin like Dogecoin is still valued at $40 billion, it’s hard to say that the froth has left the market,” the top executive stressed.

He added that after Bitcoin’s price had doubled since the start of the year, the market looked frothy.

Earlier, in January 2021, Ruffer Investment said that the first cryptocurrency is at the beginning of institutional adoption.

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