$1B gain for the Londoner asset manager for his $600M BTC purchase in November

A Londoner wealth manager who had bought $600M worth of BTC made over $1B of profit in a matter of 6 months.

Share

Having invested $600 million in BTC in November 2020, Johnathan Ruffer makes $1B of profit and is willing to do it later on.

Hamish Baillie who is an investment director at this firm reported that Ruffer had gained $1.1B profit by closing his positions in April:

“When the price doubled we took some profits for our clients in December and early January. 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.”

Ruffer was one of the first asset managers of the firm to have invested in Bitcoin short term. When Ruffer made this purchase BTC was changing hands at $15K and it was trying to reach $20K which was BTC’s previous all-time high.

BTC’s 2020 parabolic price surge occurred for two reasons according to Mr. Baillie, pandemic lockdown and US stimulus payouts. And he claims that they have sold their holdings and this to some extent is because the lockdown is nearing its end and younger investors according to him would not spend that much time on crypto trading as they are doing now.

The company has invested the profit made from their BTC sale in some other assets like government bonds. Ruffer and Goldman Sachs firm among other leading financial institutions will carry on purchasing BTC says Baillie:

“If you have a multi-asset strategy then things that behave in different ways are really helpful. There’s no point being multi-asset if all your different assets move with the same dynamics.”

It must be said that 36 other large financial institutions are engaged in crypto besides Ruffer and they are holding BTC. Among the top firms are MicroStrategy, Tesla and Square that have $5.2 billion worth of BTC totally.

Categories

Cryptocurrency(5)

Latest News

Shiba Inu wallet waitlist hits 1.6 and Robinood COO hails this

1.6 million people are in a queue for Robinhood's crypto wallet as pressure rises on this company to list one of the market's most popular memecoins. ...

NOV 10, 2021

BlockFi files for a Bitcoin ETF with physical backing

The Securities and Exchange Commission's decision on VanEck's proposal for a spot Bitcoin ETF is set to be made on November 14th. ...

NOV 08, 2021

Brazilian federal deputy proposes cryptocurrency as a payment option for workers

Goulart's plan calls for the passage of a new legislation that would provide all Brazilian employees the option to receive their payment in cryptocurrency from ...

NOV 07, 2021

Enjin tends to spend a new $100M to decentralize its metaverse

The fund will be dedicated to building the Efinity blockchain, focusing on seed equity investments. ...

NOV 04, 2021

Tags

Bitcoin

Tags

Bitcoin