A UK-based investment manager has Bitcoin (BTC) to its portfolio, underlining the ongoing institutional shift towards digital assets.

Ruffer Investment Company Limited, a stock investment manager on the London Stock Exchange, has announced its new Bitcoin strategy.

In a performance update and manager’s comment posted Tuesday, Ruffer said it has added Bitcoin to its Multi-Strategies Fund primarily as a defensive move against the “ongoing devaluation” of fiat money. The fund now holds about 2.5% of its assets in Bitcoin.

The allotment took place in November after Ruffer reduced its exposure to gold in favor of BTC.

The firm said:

“We see this as small but powerful insurance against the continued devaluation of the world’s major currencies. Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds and acts as a hedge for some of the monetary and market risks we see. “

Founded in 1994, Ruffer has £ 20.3 billion ($ 27.2 billion US) in assets under management as of November 30. The company has approximately 6,600 clients worldwide, consisting of individuals, families, pension funds and charities.

Ruffer’s move echoes a recent call from JPMorgan that Bitcoin is quietly eating gold’s market share. In a note to clients released last week, quantitative strategies led by Nikolaos Panigirtzoglou said Bitcoin adoption could lead to “structural headwinds” for gold.

The strategists wrote:

“If this thesis is correct for the medium to longer term, the gold price would suffer from structural headwinds in the coming years.”

This story is still under development.