Ruffer – and investment giant of the UK – tells that its holdings for Bitcoin alone have become about 3% of the entire assets under management. The company’s entire assets under management exceed US$ 29 Billion. Jonathan Ruffer, Chairman of Ruffer, suggests that Bitcoin has become a contender for Gold.
Recently, UK based investment giant, Ruffer, shared its 2020 Manager’s Review in which it revealed huge exposure of Bitcoin in 2020. It was stated in the Review that the company received a huge amount of Bitcoins into its Multi Strategies fund. Similar was the situation with the equities belonging to Galaxy Digital as well as Microstrategy, told the investment firm.
Ruffer further that the Bitcoins it received in 2020 aggregated at about 3% of the total assets under its management and control. It was told by the company that the value of assets under its management as of today exceeds US$ 29 Billion. This means that 3% of this US$ 29 Billion comes to US$ 861 Million. Yet there were other news as well which suggested that Ruffer’sBitcoin holding has surpassed US$ 1.4 Billion. However, it was confirmed by an official of Ruffer that he was not aware of such figures. He stated that these were rumors and not the official figures which have been published by the company and/or its officials.
It was further revealed by Ruffer that it had injected about 2.5% of its portfolio as investment into Bitcoin in November. It was informed that at that time Ruffer bought Bitcoin for an amount of US$ 750 Million. Since then the amount of Bitcoin has increased significantly. In November Bitcoin’s value increased from US$ 13,780 to US$ 18,178. For the time being, the value of Bitcoin is nearing US$ 35,000. This meant that safely Ruffer’sBitcoin investment has doubled since then.
An executive of Ruffer also stated that historically Ruffer is known for adopting unconventional defenses and safeguards in its portfolio. Investment in Bitcoin is one of that unconventional shield that provided a distinct cover to Ruffer, said the executive. He further added that since there are no interest rates, therefore the worldwide institutions have been looking for alternate sources of storing value. He said that Ruffer feels glad to become one of those initial institutions that found that source in the shape of Bitcoin.
It was told by Ruffer that it is duly taken into account the risks related to Bitcoin when it invested in it. It said that the risk is now lessened because there is a huge increase in the number of institutional investors for Bitcoin. This change will further increase the value of Bitcoin and in particular, the entire crypto industry, said Ruffer.
Meanwhile, Jonathan Ruffer, who is the Chairman of Ruffer, said recently that Bitcoin has become a contender to Gold.