Ruffer Investment earns more than $1 billion from Bitcoin investments

Ruffer Investment, the asset-management firm, earned more than $1.1 billion over five months of investing in Bitcoin, according to The Sunday Times.

In the UK-based firm, management partly explained the sale of the asset, noting that as pandemic-era restrictions ease, younger people would no longer spend as much time trading.

Ruffer’s chief investment officer Hamish Baillie confirmed that in November 2020 the company initially invested about $600 million in the first cryptocurrency.

«When the price doubled, we extracted a certain profit for our clients in December and early January. We actively managed the position, and by the time the final tranche was sold in April, total profit amounted to just over $1.1 billion», he noted.

Earlier, the bitcoin purchase at the company called an insurance against devaluation of world currencies. Initially, Ruffer allocated 2.5% of its portfolio to cryptocurrency.

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