Ruffer Made Over $ Billion On BTC Purchases
Asset management company Ruffer has made over $ 1 billion in profits after investing $ 600 million in Bitcoin in November 2020.
Hamish Bailey, director of investment at the London-based asset management firm, told The Times that Ruffer closed its Bitcoin position in April for more than $ 1.1 billion in profits:
“When the price doubled, we made some profit for our clients in December and early January. We were actively managing this position and by the time the last tranche was sold in April, the total profit was just over $ 1.1 billion.”
Ruffer was one of the first fund managers to buy BTC. At the time of the investment, the price of Bitcoin reached $ 15,000 and was growing.
According to Bailey, the parabolic rally in the price of Bitcoin in late 2020 was due to the quarantine because of pandemic and the payment of incentives in the United States.
For now, the company has converted its BTC trading profits into other “defensive” assets such as inflation-linked government bonds. However, the company will continue to buy Bitcoins.