British Asset Manager Ruffer Bags $1.1 Billion Profit From Bitcoin

Share This Post

Listen to this article now

The latest round of Q2 results from Fidelity Investments, the world’s largest asset manager, shows a huge surge in profits from Bitcoin investment. The latest data from the firm shows that the value of cryptocurrencies on its platform rose by more than 800%.

After a couple of years of poor returns, British asset manager Ruffer has won the race for a big payout – registering a $1.1 billion profit from bitcoin. According to filings with U.K. Companies House, the company has set aside a $325 million “bitcoin reserve,” which is to be used to meet bitcoin-related costs. In a statement, Ruffer’s head of investment strategy, David Sottomayor, said that bitcoin is “an asset class that was in our portfolio and it was generated through our portfolio, so we are using our profit to cover the fund’s bitcoin costs.”

Assume you are a British Asset Manager that is in charge of a portfolio of ALTcoins. These are specialized, highly volatile, crypto-assets that have been gaining in popularity after the recent success of Bitcoin and other cryptocurrencies. The investment thesis is that even as Bitcoin and similar assets have been gaining in popularity, the ALTcoins have been gaining in value.

British asset management firm Ruffer said its bitcoin investments have generated about $1.1 billion in profits. The company says bitcoin has been a remarkable store of value, and it remains optimistic about the cryptocurrency in the long term.

Ruffer makes $1.1 billion profit on bitcoin investments

Chris Ruffer is a bitcoin trader, and he is the latest to go to the top of the bitcoin charts. He just made $1.1 billion. Ruffer has been trading bitcoin for about two years, buying and selling the cryptocurrency in a range of countries, including the U.S., Japan, China, and South Korea, where bitcoin has become mainstream.

London-based wealth management firm Ruffer has revealed that it has made $1.1 billion in profits from bitcoin investments in five months, the Sunday Times reported on the 6th, June. On the 30th of April, the company had about 22.4 billion pounds ($32 billion) under management.

British asset management company ruffer
British Asset Manager Ruffer Bags $1.1 Billion Profit From Bitcoin 2

Hamish Bailey, chief investment officer at Ruffer, said the asset manager initially invested about $600 million in bitcoin last November when BTC was below $20,000. The director continued: When the price doubled, we saw some profit for our customers in December and early January. We actively managed the position and when we sold the last tranche in April, the total return was just over $1.1 billion. Bailey explained that the stimulus checks have spurred demand for cryptocurrencies, but noted that young people’s interest in them may wane when the freeze ends and the economy rebounds.

The CIO expects institutions to continue to buy BTC for their portfolios and embrace cryptocurrency as a safe alternative investment. As for whether Ruffer will buy more bitcoins, the executive said it’s certainly not out of the question. Moreover, he called the information about bitcoin’s energy consumption exaggerated and inaccurate. He also pointed out the great social benefits of bitcoin in countries like Venezuela. Bailey made his point: It was a big warehouse with valuables. Ruffer previously explained that BTC investments diversify the company’s investments in gold and inflation-linked bonds and serve as a hedge against some of the currency and market risks we see. The company also noted: With interest rates at zero, the investment community is desperate for new safe havens and uncorrelated investments. We believe we are relatively early, at the base of a long trend of institutional adoption and financialization of bitcoin.

A spokesman for Ruffer was quoted by Reuters on Tuesday: In the long term, we remain interested in digital assets and the role they can play in preserving real wealth. In the short term, after the sharp rise in the price of bitcoin, we felt that bitcoin was riskier. What do you think of Ruffer’s bitcoin strategy? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

Related Tags:

bitcoin priceruffer bitcoin investmentruffer investment company bitcoinruffer investment trust bitcoinbitcoin valueruffer bets big on bitcoin,People also search for,Privacy settings,How Search works,ruffer bitcoin investment,ruffer investment company bitcoin,ruffer investment trust bitcoin,bitcoin value,bitcoin price,ruffer bets big on bitcoin,ruffer multi-strategies fund,ruffer funds


Related Posts

A Guide To UK’s Best Bitcoin Casino Sites |

Over the years, we’ve reviewed hundreds of bitcoin casinos...

Polkadot price analysis: Could DOT/USD recover to recent support line of $13.3?

Polka Dot, or DOT, is a blockchain-based cryptocurrency with...

Bitcoin Price Analysis: BTC reaches $31,000, further downside to follow?

Since the beginning of 2018, investors have been watching...

Litecoin Price Analysis: LTC holds $125 overnight, break below $120 today?

Litecoin (LTC) is a cryptocurrency that is often considered...

BitTorrent (BTT) Price Prediction 2021 – 2028

As you all know, BitTorrent is a popular torrent...
- Advertisement -spot_img