Ruffer Investments: “profit from the sale of BTC exceeded $ 1.1 billion”

The British asset management company Ruffer Investments, which bought bitcoins for $ 600 million back in November, reported that BTC reserves were completely sold, and the total profit exceeded $ 1.1 billion.

In February, the company sold 40% of the bitcoins it bought to lock in some of the profits. However, the situation for the company continued to develop positively and in April the Ruffer management decided to completely close the position. The timing was well chosen, because it was on April 14 that the rate of the first cryptocurrency peaked at $ 64,850.

“When the purchase price doubled, we locked in some of the profits for our customers. Sales were made in December and early January. We were actively managing the position and now all bitcoins are sold. The last tranche was completed in April, and the total profit amounted to just over $ 1.1 billion, ”said Hamish Baillie, investment director of Ruffer.

According to him, the company can buy bitcoins again at a convenient opportunity:

“If you have a strategy of investing in different assets, then it is better to buy assets that operate in different ways. What is the point of investing in assets with the same dynamics? ”

Ruffer’s investment director also expressed his opinion on the environmental impact of bitcoin. He said that all this is too exaggerated: 70% of the energy for mining is taken from renewable sources, and the consumption itself is not so great – the gaming industry consumes much more.

At the beginning of the year, analysts at Ruffer Investments said that institutional investors are increasingly investing in bitcoin and the trend will continue in the coming years.