$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.
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.
$150 million in USDT was frozen by Tether
A rationale for blacklisting three addresses has not been given by Tether, although it has done so in the past to cooperate with law enforcement and help exchan ...
JAN 14, 2022
Pakistanis have $20 billion in crypto assets
The local association chief said that Pakistanis have $20 billion in crypto assets, and they need to set up a policy for that. ...
DEC 22, 2021
With many parachain deployments, Polkadot anticipates disrupting Web 3.0.
Parachains have been among the greatest achievements of Polkadot and it took Polkadot five years to build them which were auctioned off to teams. ...
DEC 19, 2021
Reddit will go public
Internet forum Reddit Social network announced its plans of going public and it is filing for an IPO. ...
DEC 17, 2021