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Ruffer Turns Bitcoin Investment Into $750M Profit in Under 2 Months
"We did not expect immediate fireworks,” said a Ruffer executive.
U.K.-based Ruffer Investment Management has managed to quickly turn its recent bitcoin investment into a $750 million profit.
STORY CONTINUES BELOW
Having bought in November, Ruffer's investment managers took profits in December and January as the cryptocurrency more than doubled to around $40,000, according to a Telegraph Money report Tuesday.
“We’ve been surprised by how well it has done and how quickly. We did not expect immediate fireworks,” Duncan MacInnes, co-manager of Ruffer Investment, told the newspaper.
As CoinDesk reported, the investment firm invested 2.5% of its $27 billion portfolio into bitcoin back in November, making its purchase via One River Digital and Coinbase.
MacInnes said the 2.5% allocation was made across all Ruffer's funds, costing around $600 million.
Read more: Ruffer Investment Confirms Massive Bitcoin Buy of $744M
As prices soared, the firm opted to take out its original investment and make $650 million in profit. "We still have around $700 million left in and are currently up by $750 million overall,” said MacInnes.
The investor said Ruffer has been following bitcoin for a few years and was previously skeptical of the cryptocurrency. That's all changed now, however, MacInnes said: "The economic environment for bitcoin right now could not be better."
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
