Bitcoin has gained a momentous stature in the financial ecosystem as the most prominent players in the market have started to recognize its potential and adopt it massively.
Now, the Chair of the British Investment management firm Ruffer has openly supported and endorsed Bitcoin as a great store of value.
Ruffer Investments Endorses Bitcoin
In December 2020, Ruffer had invested around $744 million in Bitcoin, which was almost 2.7 percent of its total $27.3 Billion in Assets under management. The British investment firm is relying heavily on Bitcoin as the firm believes that the digital currency has the benefits of gold and technology.
In a recent Investment review by the company, the Chair said that Bitcoin is fast becoming a challenger to gold’s standing as the one supra-currency, the thing to own when fiat currencies are kerplunked”. He further explained that the firm had observed Bitcoin for a long time, and it is indeed a “Unique Beast” that can become equivalent to gold and emerge as a potential store of value.
A lot of leading firms invested in Bitcoin in 2020. Microstrategy hogged the maximum limelight after investing more than $1Billion in total in 2020 through multiple purchases throughout the year.Another firm grabbing news headlines for its Bitcoin interest was PayPal, which incorporated Bitcoin and cryptocurrency support on its massively popular and widely used platform. With PayPal venturing into the crypto space, Bitcoin attained massive mainstream adoption. Square also invested heavily in Bitcoin last year, boosting the price and reputation of a crypto token.
Ruffer acknowledged that Bitcoin could work like gold as an investment hedge in case the fiat currencies plunge amid increasing inflation. In November 2020, Ruffer Investment Co. procured $15 million worth of bitcoin to its funds. The company said that the Bitcoin investment is one of its most unconventional portfolio allocation.
The firm has backed Bitcoin as a long term investment and adjudicated that the world’s most robust cryptocurrency is in the early stages of its development as a mainstream asset reserve by large institutional investors.
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