Name Price24H (%)
Bitcoin (BTC)
$48,547.00
-2.76%
Ethereum (ETH)
$1,495.69
-4.73%
XRP (XRP)
$0.438072
-2.19%
Litecoin (LTC)
$177.99
0.96%
Ruffer Turns Bitcoin Investment into $750M Profit in Under 2...
News

Ruffer Turns Bitcoin Investment into $750M Profit in Under 2 Months



U.K.-based Ruffer Investment Management has managed to quickly turn its recent bitcoin investment into a $750 million profit.

Having bought in November, Ruffer’s investment managers took profits in December and January as the cryptocurrency more than doubled to around $40,000, according to a Telegraph Money report Tuesday.

“We’ve been surprised by how well it has done and how quickly. We did not expect immediate fireworks,” Duncan MacInnes, co-manager of Ruffer Investment told the newspaper.



MacInnes said the 2.5% allocation was made across all Ruffer’s funds, costing around $600 million.

As prices soared, the firm opted to take out its original investment and make $650 million in profit. “We still have around $700 million left in and are currently up by $750 million overall,” said MacInnes.

The investor said Ruffer has been following bitcoin for a few years and was previously skeptical of the cryptocurrency. That’s all changed now, however, MacInnes said: “The economic environment for bitcoin right now could not be better.”

Source: CoinDesk.com

coinmag

Cryptocurrency news, blockchain news, markets news, cryptocurrency analysis, cryptocurrencies prices.