London wealth manager cashes out $1B profit from $600M BTC buy in November

London wealth manager cashes out $1B profit from $600M BTC buy in November

“After profiting $1 billion in less than six months, Ruffer is open to making more Bitcoin trades in the future.
Asset manager Ruffer has profited by more than $1 billion in profit from a $600 million Bitcoin investment it made during November 2020.Speaking to The Times, investment director at the London-based asset management firm, Hamish Baillie, revealed that Ruffer closed out its Bitcoin position for more than $1.1 billion in profit during April:“When the price doubled we took some profits for our clients in December and early January. We actively managed the position and by the time we sold the last tranche in April the total profit was slightly more than $1.1 billion.”Baillie claims Ruffer became one of the first fund managers to buy BTC in what was a rare short-term investment for the company. At the time of the investment, Bitcoin’s price had cleared $15,000 and was pushing up to test the then all-time highs near $20,000 that had been set in 2017.The investment director attributed Bitcoin’s late 2020 parabolic price rally to the pandemic lockdown and stimulus payouts in the United States. He said the company sold its holdings partly because younger investors would not be spending as much time trading crypto now that lockdowns are ending.The firm has moved the profits it made on the BTC trade into other “protective” assets such as inflation-linked government bonds. However, Baillie is confident that major financial institutions, including Ruffer and Goldman Sachs, will continue to buy Bitcoin, stating that another purchase is “certainly not off the menu:”“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.”Ruffer is not the only large financial institution that has been dabbling in crypto, with data from Bitcointreasuries.org suggesting that 36 publicly traded companies currently hold BTC on their balance sheet. Only six or 16% of publicly traded firms invested in Bitcoin are currently down on their position, including Nexon, Meitu, and Seetee. The top three holders — MicroStrategy, Tesla, and Square — are sitting on $5.2 billion worth of BTC between them.”

Source: Cointelegraph.com News

Gate.io Invites Community To Create And Vote For OpenPunk NFTs

“Leading digital asset exchange, Gate.io, has announced the next phase of its community-driven OpenPunks NFT programme. The OpenPunks collection was launched two weeks ago as the world’s first community-driven NFT collection. The first batch of ‘genesis’ OpenPunks were minted and users were invited to submit their own designs based on

Yield Farming Is The Death Of Savings Accounts

“Image by FelixMittermeier from Pixabay  Digital currencies have long been lauded as a revolutionary aspect of finance in the future. However, it wasn’t until 2020, when there was a scramble to hedge against rising inflation and disruption of the finance world by a worldwide lockdown, that cryptocurrencies caught on.  Over

Solana must do the following for another 20% jump in 24 hours

“Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice After overcoming some hurdles over the past week, Solana was back among the gainers. A 13% surge over the last 24 hours was timely after SOL negotiated past certain

Central Bank of Ukraine Supports Crypto Industry, Fears Cryptocurrency

“The National Bank of Ukraine recognizes the benefits of endorsing crypto innovations but also fears cryptocurrencies could gain ground on the national fiat. Announcing its monetary policy guidelines for the near future, the regulator noted it’s going to defend the status of the hryvnia as the only legal tender in