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Asset Manager Ruffer Reveals It Dumped All of Its Bitcoin Holdings

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Sun, 06/06/2021 - 07:30
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Alex Dovbnya
Ruffer doesn't rule out a future Bitcoin bet after selling all of its holdings
Asset Manager Ruffer Reveals It Dumped All of Its Bitcoin Holdings
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Ruffer has made a quick $1.1 billion with its short-term Bitcoin bet, according to a June 6 report by The Times.

The U.K. asset management firm claims that it dumped its entire holdings in April after selling off half of its position in February.

The trade was timely given that Bitcoin topped out at $64,854 on Apr. 14.

Part of the reason why Ruffer got out of the cryptocurrency is that it expects younger people to stop actively trading now that lockdowns are over.

As reported by U.Today, Ruffer initially announced its $600 million Bitcoin bet back in December.

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Fidelity's Jurrien Timmer Says Bitcoin Could Drop to $23,000

Bitcoin is not off the menu   

Hamish Baillie, Ruffer’s investment director, claims that the company doesn’t rule out investing in Bitcoin in the future:

If you have a multi-asset strategy then things that behave in different ways are really helpful. There’s no point being multi-asset if all your different assets move with the same dynamics.

Speaking of environmental concerns surrounding Bitcoin, Baillie dismissed them as “misinformation,” adding that the gaming industry actually consumes more electricity. Furthermore, she mentioned that up to 70 percent of mining is powered by renewables.

As reported by U.Today, Square and Blockstream recently teamed up to build a solar-powered Bitcoin mining farm.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.