British investment company Ruffer Investment has withdrawn most of its investment from bitcoin due to tweets from Elon Musk. This Is Money reports, citing sources close to the deal.
The decision to close Bitcoin positions was made after Elon Musk’s tweets “formed a bubble signal,” the sources say. Ruffer Investment itself does not comment on these statements in any way. The Telegraph reported that Ruffer Investment had withdrawn from investing in bitcoin in early February.
Then the head of investments at Ruffer Investment Duncan McInnes said that the company had withdrawn $ 650 million from Bitcoin. The company bought the cryptocurrency back in November 2020. Then investments in amounted to 2.7% of the amount of funds under management. According to preliminary information, Ruffer still holds about $ 153 million in bitcoin.
It is noteworthy that it became publicly known about Tesla’s $ 1.5 billion investment in bitcoin only on February 8. At the same time, the first messages about Ruffer Investment’s withdrawal from the Bitcoin deal appeared on February 2.
Recall that Tesla also added support for crypto payments as part of its investment in cryptocurrency. Potential owners of electric vehicles in the United States, starting in March, can pay for a car with Bitcoin. At the same time, the manufacturer of electric vehicles promised not to sell cryptocurrency, but to store it in a corporate account.
However, Tesla has already incurred skepticism from the bitcoin community after deciding to sell 10% of its cryptocurrency investment. The company hinted that in this way they wanted to test the liquidity of the market. Some in the crypto community have caught Tesla in the traditional pump & dump scheme.
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