Bitcoin Makes No Sense, But It Still Makes A Lot Of Sense, UK Investment Manager By BTC Peers

Bitcoin doesn’t make sense, but it still makes a lot of sense, UK investment manager

The chairman of Ruffer Investment Company, a UK investment firm, has called a pointless asset that still makes sense. In November, Jonathan Ruffer diverted some of his company’s gold holdings to Bitcoin; a move that would have been very profitable. Bitcoin was priced between $ 13,700 and $ 19,000 in November. Depending on the price your company paid for the asset, your portfolio would have doubled in the last 2 months as Bitcoin is in the $ 34k range. In an investment review for the final quarter of 2020, Ruffer confirmed that the company’s decision to invest in Bitcoin was due to its beliefs that Bitcoin could eventually challenge gold. He said: Our underlying reasoning is that bitcoin is becoming a challenge to the position of gold as the only supra-currency, which must be owned when fiat currencies are discarded. The digital asset underwent a “long” evaluation before any reallocation took place. We have worked hard to assess the danger of bitcoin being a bug. We have been watching it for a long time, and our judgment is that it is a unique beast as an emerging store of value, combining some of the benefits of technology and gold. […] Yes, it is a seemingly meaningless asset, but one that has an absolute sense of how we see the world. Like Ruffer, several institutional investors are gaining exposure to Bitcoin as a way to hedge against inflation and economic uncertainties.

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