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Ruffer Investment company invests $15 Million in Bitcoin

Ruffer Investment company invests $15 Million in Bitcoin

Ruffer Investment Company is the most recent traditional finance firm to join the Bitcoin bandwagon. Ruffer Investment, a U.K.-based company, announced to its shareholders that it had allotted approximately 2.5% of its portfolio to Bitcoin. According to Investegate, with $620 million in AUM (assets under management), the allocation describes a $15 million investment in BTC. It is in accordance with investment analyst Alex Krüger. 

Ruffer Investment considers Bitcoin as a saving grace

Diving into the reason behind purchasing Bitcoin, the company announced a defensive move directed towards decreasing its exposure to gold. Ruffer elucidates that Bitcoin is going to be the saving grace when the world’s significant currencies compete. Ruffer handles approximately $20.3 billion in assets. Its clients are essentially individuals, families, pension funds, and charities. Moreover, its Multi Strategies Fund has approximately $620 million in assets. Thus, indicating that approximately $15.5 million would be allotted to Bitcoin. 

Ruffer Investment joins the list of firms investing in Bitcoin. In June, Business intelligence software firm MicroStrategy propelled things off by declaring it would put a huge number of its reserve assets in Bitcoin. Moreover, the company recently has more than half a billion dollars in Bitcoin. In October, Jack Dorsey’s Square funded $50 million in Bitcoin. Additionally, just last week, MassMutual declared it has bought $100 million worth of Bitcoin. Further, Wall Street and hedge funds worldwide are keenly interested in the currency as they view it as a valuable alternative asset equivalent to gold.

Recently, Bitcoin’s compelling rally has gained interest in the crypto market, with BTC drawing various renowned investors. Insurance firms and pension funds are also causing a splash on the Bitcoin scene, strengthening BTC’s development as a bona fide investment vehicle. According to JPMorgan, if insurance firms and pension funds designate 1% of their holdings, approximately $600 billion in institutional flows could make their way into BTC.

Conclusively, this decision by Ruffer Investment Co, and several others, like MicroStrategy and MassMutual, further advocate Bitcoin’s progress as a treasury asset.

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