Ruffer, a British asset manager with over $20 billion in assets, has decided to dedicate part of its portfolio to Bitcoin (BTC).
One more sign of the rush of institutional investors towards cryptomoney?
A major UK asset manager dedicates 2.5% of its portfolio to Bitcoin (BTC)
Another Asset Manager Bets on Bitcoin
The Ruffer firm announced this change of direction in an update published yesterday. The manager confirms having added Bitcoin (BTC) to the portfolio he manages, at 2.5%. Notably, this choice comes at a time when Ruffer has reduced its exposure to gold, which the company explains as „a defense strategy“.
According to the asset manager, Bitcoin is indeed a way to protect its funds from inflation:
„We see this as a small but powerful insurance policy that protects against the continued devaluation of the world’s major currencies. Bitcoin diversifies investments […] in gold and inflation-linked bonds and acts as a bulwark against the monetary and market risks we see. »
This 2.5% would correspond to a purchase of $15 million in BTC. This is less than gold, which still represents 6.7% of Ruffer’s portfolio, but it shows the asset manager’s intention.
And also -10% on Binance Futures with the cryptoast code
Institutionals rush to Bitcoin
In 2020, institutionals began to wake up and consider investments in Bitcoin. Ruffer is only the latest in a list that is gradually growing. Just a few days ago, the Mass Mutual insurance company released $100 million to buy Bitcoin.
Meanwhile, asset manager Grayscale continues to break records. Yesterday we learned that the company now holds $13 billion in Bitcoin, Ethereum and Altcoins on behalf of its institutional clients.
Gold VS Bitcoin: Institutionals choose BTC, according to JPMorgan
Bitcoin’s price is consolidating
It must be said that Bitcoin has had a particularly successful year, while economic uncertainty still reigns. Over the last twelve months, the price of Bitcoin (BTC) has risen by +173%, after breaking its absolute record in recent weeks. The next step remains the resistance of the 20,000 dollars, which, once passed, could trigger a further substantial rise in the price.