Bitcoin ‘brings something markedly different to portfolios:’ Ruffer

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Although it’s been a strong few months for Bitcoin and the cryptocurrency industry, the asset class continues to surf the storm’s eye. The same was shown by Janet Yellen’s latest remarks on Bitcoin, with the Secretary of the Treasury saying that “highly inefficient” Bitcoin is sometimes used for illegal transactions by several. In fact, just a few hours before release, New York’s AG Letitia James also echoed something similar after advising investors that crypto-trading entails “serious risks.”

And still, amid all the disclaimers and regulatory alerts, Bitcoin remains stable on the market charts. What is that? Well, the organisations may have had a hand in it, with U.K. Ruffer being one of them.

The London-based fund manager made headlines in the crypto industry last year when he purchased Bitcoin worth 550m, with the fund “Seeking Bitcoin exposure through the Ruffer Illiquid Multi Strategies Fund and two proxy stakes in Microstrategy and Galaxy Digital Holdings.” In reality, according to estimates, as of last month, Ruffer had made a profit of $750 million on its investment in Bitcoin, with the same corresponding to the BTC bull on the charts.

Ruffer is in the news again after Bitcoin, the world’s biggest blockchain, finds a common mention in his half-yearly study. The investment in BTC is also evidence of the company’s historic use of unorthodox portfolio security. The cryptocurrency, Ruffer said, is “an idiosyncratic asset class that adds something substantially different to the portfolio.”

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The company has rationalised its decision to leap into Bitcoin by asserting that “thanks to zero interest rates, the financial world is searching for new safe havens and non-correlated properties.” In the firm’s view, the market is already on the “foothills of the long trend of institutional acceptance and financialization of Bitcoin.”

Interestingly, the half-yearly report also noted,

“If we are wrong, Bitcoin will return to the shadows and we will lose money – this explains why we have kept the position size small, but meaningful.”

At the end of the day, it is also worth noting that the digital gold narrative was given another shot in the arm by the above-mentioned article, with the same description of Bitcoin and Gold as “anti-assets.”

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