Great britain-based Ruffer Investment Management has made more than $750 one thousand thousand from its Bitcoin investment in less than ii months, but it has decreased the size of its holdings.

Co-ordinate to a report from British news outlet The Telegraph, Ruffer saw "immediate fireworks" after investing roughly 2.5% of its avails into Bitcoin (BTC) in November 2020, resulting in millions of dollars in gains as the price of the crypto asset rose past $xx,000 and on to a new all-fourth dimension high of more than $42,000 in January. Rather than HODLing it all, however, the firm reported that information technology had sold roughly one-half its BTC holdings.

"The 2.five% allocation we fabricated in November beyond all our funds, which totalled around $600 1000000 — this has more than doubled so we decided to take out our 'book cost' and take $650 one thousand thousand in profits," said Ruffer co-manager Duncan MacInnes. "We withal have around $700 one thousand thousand left in and are currently up by $750 million overall."

MacInnes said Ruffer was initially skeptical most investing in Bitcoin in 2017 but admitted the circumstances had inverse in the terminal 4 years, with many people turning to digital solutions accelerated by the pandemic. He said retail investors are "desperate for alternative condom haven assets" and institutions are ownership into the crypto nugget likewise.

"The economic environment for Bitcoin right at present could not exist better."

In November 2020, Ruffer called adding Bitcoin to its Multi-Strategies Fund a defensive motion against the "continued devaluation" of fiat money. The firm reduced its exposure to gold and invested roughly 2.5% of its assets into BTC. Ruffer chairman Jonathan Ruffer later called Bitcoin a "seemingly not-sensical asset, simply one that makes accented sense for how nosotros see the world."

At time of publication, the price of Bitcoin is $36,816, having risen 6% in the last 24 hours.