Over the course of 5 months, UK-based investment firm Ruffer earned $1.1 billion from their Bitcoin investments.
On June 6th, news broke that one of the largest bitcoin holding investment firms exited the bitcoin market, pulling out $1.1 billion dollars worth of profits. The Ruffer investment firm first put $700 million when the price of bitcoin was around $10,500, but around December and early January, the firm began selling their bitcoin holdings. At the time, they pulled out $700 million worth of profit, but continued to actively manage the remaining holdings the firm had.
Hamish Baillie, the investment director at Ruffer, told The Times of London that “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.”
The firm has since left the bitcoin market amid concerns that young people will no longer be staying at home trading crypto as the world begins to open up again. Baillie went on to say that there is potential for the firm to re-enter the crypto market and that the environmental concerns surrounding bitcoin do not have much effect on their investment strategy.
Ruffer profiting $1.1 billion thanks to crypto is tremendously impressive. Although Ruffer has exited the market, the feat shows the impressive returns that can be made investing in crypto. Even more impressive, $1.1 billion in profits were made in only 5 months. The news could inspire other large investment firms to take notice and begin positioning themselves in the crypto space for massive returns. Already finance billionaire Kevin O’Leary gave his approval for crypto and has begun moving into space. Could others follow? At the time of writing, the Ruffer investment firm is currently out of crypto, but may soon one day return if they determine it worthwhile.
Ruffer looks after investments for private clients, trusts, charities and pension funds. They have a distinctive investment approach, focused on producing consistent returns and not losing money. They conduct their own independent research, actively manage investments and operate freely, without the constraint of relative returns or market benchmarks. They provide a service that combines good investment returns with first class administration and clear reporting.
Source : bsc.news
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