Ruffer, an asset management firm in the UK, has made over $1 billion in profits after investing in the leading crypto asset. It made these gains in five months after purchasing Bitcoin in November 2020. Ruffer disclosed that its profits were taken as it sold the coins.
Ruffer started an investment in Bitcoin with $600 million in November. The firm mentioned that they have sold out their entire stake in the cryptocurrency. According to Ruffer, the reason for the selloff is partly because the lockdown is ending and young people won’t be trading as much as they used to.
Hamish Baillie, one of Ruffer’s investment directors stated that they first took the early gains in December and the wee days of January. The earlier gains were taken in the interest of their clients. Their position was effectively managed till April 2021 when they sold off their last stake with an over $1.1 billion profit margin.
Ruffer isn’t Ruling Out Bitcoin
Ruffer happens to be the first asset manager to place a stake on Bitcoin. Although the timespan was brief, it was definitely worth the effort. After disposing their last hold on the digital asset, the institution said that they aren’t writing off Bitcoin yet.
Baillie assured that the company considers investing in the crypto asset in the future. She stated that there isn’t any point becoming a multi-asset investor if focus is only paid to assets of the same dynamics. “If you have a multi-asset strategy then things that behave in different ways are really helpful”.
When quizzed of his thoughts on the energy FUD of Bitcoin, Baillie wrote it off as misinformation. She made mention of the gaming industry consuming much more energy than cryptocurrencies. She also explained that the powering of BTC comes from renewable sources.