The British Ruffer Investment Management has succeeded to turn its recent investments in Bitcoin into a $750 million net gain in just a few months.
Having purchased in November, Ruffer’s managers seized earnings in December and January as the cryptocurrency rate increased more than 100% to around $40,000, as reported by a Telegraph Money article.
“We’ve been astonished by how well our investment has done and how swiftly. We did not anticipate instant fireworks,” Duncan MacInnes, who is the co-manager of Ruffer Investment told the publication.
The investment firm devoted 2.5% of its $27 billion portfolio into Bitcoin in November, making its acquisition via One River Digital and Coinbase.
MacInnes affirmed the 2.5% allocation was made throughout all Ruffer’s funds, worth around $600 million.
While prices skyrocketed, the firm decided to take out its initial investment and obtain $650 million in net profit. “We still own around $700 million invested and are at this time up by $750 million in total,” noted MacInnes.
The manager said Ruffer has been monitoring Bitcoin for a few years and was earlier sceptical of the cryptocurrency. That is all different now. MacInnes stated: “The economic situation for Bitcoin currently cannot be any better.”
