Ruffer, a British asset manager weighing more than $ 20 billion, has decided to dedicate part of his portfolio to Bitcoin (BTC). One more sign of the institutional investor rush into cryptocurrency?
Another asset manager bets on Bitcoin
The Ruffer firm announced this change of course in an update released yesterday . The manager confirms having added Bitcoin (BTC) to the portfolio he manages , up to 2.5%. Notably, this choice comes as Ruffer has reduced its exposure to gold, which the company describes 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 diversified investments […] in gold and bonds linked to inflation, it acts as a r e mpart against currency and market risks that we see. ”
This 2.5% would correspond to a purchase of $ 15 million in BTC . That’s less than gold, which still accounts for 6.7% of Ruffer’s portfolio, but it clearly shows the asset manager’s intention.
Institutional investors rush to Bitcoin
In 2020, institutions started to wake up and consider Bitcoin investments . Ruffer is just the latest in a growing list. A few days ago, the insurance company Mass Mutual had released 100 million dollars to buy Bitcoin.
In addition, asset manager Grayscale continues to break records. We learned yesterday that the company now holds $ 13 billion in Bitcoin, Ethereum and altcoins, on behalf of its institutional clients.
Bitcoin price consolidates
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 thus increased by + 173% , after having broken its all-time high in recent weeks. The next step remains the resistance of 20,000 dollars, which once crossed could trigger a further substantial rise in price.