British investment firm Ruffer has raised more than $ 750 million from its recent investment in bitcoin, according to The Telegraph.
The company’s managers decided to sell part of the bitcoins for the purchase amount in December and January after doubling their value.
Duncan McInnes, who is one of Ruffer’s executives, was the first to comment on the company’s investment in bitcoin since its acquisition in mid-November last year.
“We were surprised at how quickly it happened. We didn’t expect quick profits. In November, we allocated 2.5% on all our funds, which amounted to about $ 600 million. This amount has more than doubled, so we decided to take “our money”. We still have about $ 700 million, and at the moment this amount has grown to $ 750 million, ”he said.
“We’ve been following Bitcoin for several years. Back in 2017, we were very skeptical and I remember laughing at all of this at the time. But in 2020 everything has changed – now the best economic conditions for bitcoin, “- said McInnes. “We see negative interest rates and bond yields. We see the war on cash escalating due to the pandemic. Everything is going digital – our lives are much more digital than they were a year ago. ”
“People are desperate for alternative assets, and bitcoin is like digital gold. We are at the foot of a long upward trend towards institutionalization, ”he added.