UK-based Ruffer Investment Company announced to shareholders today that it has allocated approximately 2.5 percent of its portfolio to bitcoin, according to Investegate. With $ 620 million in assets under management, according to iInvestment analyst Alex Krügerthe allotment represents a $ 15 million investment in BTC.
In the announcement, Ruffer said that “this is primarily a defensive move, taken in November after the company’s exposure to gold was reduced.”
It is likely that Ruffer Investment Co. made this allotment, as a small position in bitcoin can serve as a powerful insurance policy against the continued devaluation of the world’s major currencies as bitcoin diversifies the company’s (much larger) investments in gold and inflation. bonds and because bitcoin acts as a hedge for some of the monetary and market risks that Ruffer Investment Co. see.
Bitcoiners have long speculated that bitcoin is recognized as an allotment next to gold and that entities would diversify from gold to bitcoin.
In a recent episode of the “Bitcoin Magazine PodcastEconomist Lyn Alden said bitcoin is catching on with gold investors.