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Over $740 Million In Bitcoin Held by Ruffer Asset Manager As It Dumps Gold

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Wed, 12/16/2020 - 13:59
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Yuri Molchan
Ruffer asset management fund has confirmed that it holds a Bitcoin amount that exceeds $740 million after ditching some of its gold
Over $740 Million In Bitcoin Held by Ruffer Asset Manager As It Dumps Gold
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According to multiple sources, including Bloomberg and CoinDesk, U.K.-based investment fund Ruffer has diversified its assets by allocating some of its customers' funds into the flagship cryptocurrency: Bitcoin.

This amounts to £550 million, which is equal to 2.7 percent of the funds' total amount of assets in management.

BTC
Image via Twitter

To put this gargantuan amount of money into Bitcoin, Ruffer decided to part with some of its gold holdings.

BTC
Image via Twitter

Ruffer has been yet another top-tier financial institution that has recently chosen to make a bet on Bitcoin in the midst of a 2020 rich with USD printing initiated by the Federal Reserve to support the economy.

Related
Grayscale, MicroStrategy Could Be Driving Bitcoin Liquidity Crisis Closer with Massive BTC Acquisitions

The trend was started by MicroStrategy and Square, which decided to prevent their cash piles from turning into a melting ice cube.

Grayscale Investments fund has also been absorbing Bitcoin, Ethereum and other crypto assets on a massive scale. At the moment, the company holds $13 billion worth of Bitcoin and other crypto.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.