Ruffer, the UK-based investment management firm has revealed it dumped all of its bitcoin holdings, making a profit of 1.1 billion dollars over the last 5 months with its short-term bitcoin bet. This was revealed by a June 6 report by The Times. Ruffer had initially announced its $600 million bitcoin bet in December 2020.
The huge selloff was timed almost perfectly with Bitcoin reaching an all-time high of $64,854 on April 14, 2021.
Among multiple other reasons, the dumping of the most valuable cryptocurrency was because Ruffer expects youngsters to stop spending time on trading as the pandemic situation is starting to cool down and that lockdown is pretty much over.
Ruffer confirms that it had dumped all of its bitcoin holdings in April after dumping half of the holdings back in February.
Ruffer will keep bitcoin as an investment option in the future, confirms Baillie
“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”, said Hamish Ballie, the investment director of Ruffer, asserting that the company plans to keep bitcoin as an investment option in the future.
Meanwhile, Bailie dismissed the environmental concerns surrounding bitcoin mining as “misinformation”, asserting the fact that the gaming industry consumes more energy than bitcoin mining. And, up to 70% of bitcoin mining is powered by renewables, the investment director further added.