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London Wealth Manager Registered a Profit of $1B From $600M BTC Bought in November

Asset manager Ruffer has registered a profit of over $1 billion from a $600 million Bitcoin investment made in November of last year.

Hamish Baillie, the investment director of the asset management firm, revealed that the company had closed out its Bitcoin position for over $1.1 billion in profit in April.

“When the price doubled we took some profits for our clients in December and early January. We actively managed the position and by the time we sold the last tranche in April the total profit was slightly more than $1.1 billion.”

Baillie asserts that Ruffer was one of the first fund managers to acquire Bitcoin as a short-term investment. When the investment was made, the price for Bitcoin stood at above $15,000 and was testing the $20,000 level.

The director believes that the pandemic lockdown and stimulus payouts in the US had a direct influence on the price of Bitcoin in 2020. He declared that the company sold its BTC holdings, in part, as a result of the fact that lockdowns are ending around the globe, so young investors don’t spend as much time in crypto trading.

The company moved the profits made from the Bitcoin trade into other “protective” assets like inflation-linked government bonds. Still, Baillie is of the opinion that important financial institutions won’t stop acquiring Bitcoin and even mentioned that another purchase is “certainly not off the menu.”

“If you have a multi-asset strategy then things that behave in different ways are really helpful. There’s no point being multi-asset if all your different assets move with the same dynamics.”

Source: CoinTelegraph.com

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