The world-famous British investment company Ruffer Investment Company announced in November that it reduced its gold position and invested in Bitcoin. Ruffer Investment Company was the last institutional player to invest in Bitcoin.
The world-famous British investment company sold its gold and bought Bitcoin!
Ruffer Investment Company, a wholly owned subsidiary of UK-based asset manager Ruffer, announced that it has allocated 2.5 percent of its portfolio to Bitcoin, now the largest cryptocurrency. Economist and crypto analyst Alex Krüger states that this means a $ 15 million acquisition. Ruffer Investment Company describes the Bitcoin investment as a “defensive move” made in November. Ruffer Investment Company made the following statement on the subject:
WE SEE THIS AS A SMALL BUT POWERFUL INSURANCE POLICY AGAINST THE CONTINUING DEVALUATIONS IN THE WORLD’S LEADING CURRENCIES. BITCOIN DIVERSIFYS THE COMPANY’S INVESTMENTS IN GOLD AND INFLATION-RELATED BONDS AND ITS FUNCTION AS A GIFT AGAINST SOME MONETARY AND MARKET RISKS.
There has been a lot of corporate money flow to Bitcoin lately
Following what appears to be a rising trend, Ruffer Investment Company claims to reduce its gold holdings to invest in Bitcoin. However, gold and related stocks still make up a much larger portion of Ruffer Investment Company’s $ 620 million portfolio. Recently, there has been a lot of institutional money flow to the leading cryptocurrency Bitcoin. As previously reported by cryptocoin, insurance giant Mass Mutual decided last week to invest $ 100 million in Bitcoin, which it believes will act as a hedge asset. Meanwhile, renowned crypto investment firm Grayscale recently surpassed $ 13 billion in managed assets (AUM) and currently holds three percent of the total Bitcoin in circulation. Institutional investors around the world who criticized Bitcoin have now realized that Bitcoin is a must-have asset in their portfolio. Therefore, according to experts, there may be more corporate money flows to BTC.
What is the latest in the leading cryptocurrency Bitcoin?
Bitcoin, the leading cryptocurrency, is trading at $ 19,445, up 1.5 percent at the time of writing. The flagship of cryptocurrencies currently has a market capitalization of $ 361.1 billion. Bitcoin manages a $ 24.9 billion last 24-hour trading volume at the time of writing.