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Asset Management Giant Sells Bitcoin for $1,100,000,000 Profit

London-based asset management firm Ruffer is revealing that it locked in a profit of more than a billion dollars after investing in Bitcoin for a few months. In an interview with the Times, Ruffer’s investment director Hamish Baillie says the firm made an initial investment of around $600 million in November last year. The investment […]

The post Asset Management Giant Sells Bitcoin for $1,100,000,000 Profit appeared first on The Daily Hodl.

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London-based asset management firm Ruffer is revealing that it locked in a profit of more than a billion dollars after investing in Bitcoin for a few months.

In an interview with the Times, Ruffer’s investment director Hamish Baillie says the firm made an initial investment of around $600 million in November last year. The investment yielded massive gains five months later.

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“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 further discloses that the profits made from the Bitcoin investment have now been placed in inflation-proof assets such as bonds whose yields are determined by the inflation index, which rises when the inflation rate goes up and vice versa.

Besides being a profitable investment, Baillie notes that Bitcoin is living up to its potential as a store-of-value asset.

“[Western] currencies have been relatively stable, but imagine if you’d held Bitcoin for the last ten years and you lived in Venezuela. It’s been a wonderful store of value outside the monetary system…

And you can transfer money across borders, which is helpful, particularly in developing nations.”

Regarding concerns over the flagship cryptocurrency’s carbon footprint, Baillie argues that up to 70% of the electricity used in mining Bitcoin is generated from renewable sources.

“There is a lot of hyperbole and misinformation out there when it comes to Bitcoin’s carbon footprint… Bitcoin uses less electricity than the gaming industry.

Probably somewhere between 40% and 70% of the electricity used is coming from renewable sources.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/r.classen

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/06/08/asset-management-giant-sells-bitcoin-for-1100000000-profit/

Blockchain

Michael Burry Warns of the ‘Greatest Speculative Bubble of All Time’

Legendary investor, Michael Burry who once called out on the housing bubble is back saying markets are in the biggest bubble in history.

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Legendary investor, Michael Burry who once called out on the housing bubble has posted yet another warning about speculative assets like cryptocurrencies and meme stocks in a now-deleted tweet.

Michael Burry Warns of the ‘Greatest Speculative Bubble of All Time’

After deleting all his tweets just over two months ago, investor Michael Burry is back saying markets are in the biggest bubble in history.

Tweeting the hashtag #FlyingPigs360, in reference to an old Wall Street phrase: “Bulls make money, bears make money, but pigs get slaughtered,” which is used as a caution against greed.

Burry has warned that investors are more greedy now, speculating unrealistically, and chasing unrealistic wild returns, pointing to the excessive leverage used in the cryptocurrency market.

READ  Ark Investment Invests $20 Million in Grayscale Ethereum Trust Shares

“People always ask me what is going on in the markets. It is simple. Greatest Speculative Bubble of All Time in All Things. By two orders of magnitude. #FlyingPigs360.” he tweeted

Back in early April, Michael Burry had deleted his Twitter account after flagging the Tesla stock, which he is short along with GameStop, Bitcoin, Dogecoin, Robinhood, SPACs, inflation, and the broader stock market. He resumed twitter tweeting again on June 14.

Burry Compared the Hype Around Bitcoin to the Dot-com and Housing Bubbles

Burry even compared the hype around Bitcoin, electric vehicles, and meme stocks to the dot-com and housing bubbles and said earlier this year that the stock market was “dancing on a knife’s edge.”

Burry is most known for spotting the mortgage crisis ahead of time and making a fortune against the U.S. housing bubble.

READ  Tron [TRX] Beats Bitcoin [BTC] in Number of Transactions Within 300 days of launch

Back in February, he joined the inflation debate, making a comparison to the 1970s period warning investors to brace for inflation while pointing to a boom in demand due to the fiscal stimulus being injected into the economy, saying:

“The U.S. government is inviting inflation with its MMT-tinged policies. Brisk Debt/GDP, M2 increases while retail sales, PMI stage V recovery. Trillions more stimulus & re-opening to boost demand as employee and supply chain costs skyrocket.” he tweeted in February.

#Crypto Market #Michael Burry #Speculative Bubble

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/michael-burry-warns-of-the-greatest-speculative-bubble-of-all-time

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Blockchain

Virtual Real Estate in Ether Metaverse Game Decentraland Sold for $913K

Republic Reals have recently set a new ATH value LAND sale for Decentraland, an open-world crypto metaverse game based on Ethereum.

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Republic Reals have recently set a new ATH value LAND sale for Decentraland, an open-world crypto metaverse game based on Ethereum. The virtual plot of real estate was sold as an NFT in Decentraland for a record amount of $913,000 based on the price of MANA cryptocurrency at the time.

LAND Token in Decentraland Metaverse Game Based on Ethereum Sold For $913K

In accordance with the data released by NonFungible, this has proven to be the highest-value LAND sale till now in terms of US Dollars.

However, it should be noted that there have been past sales for more MANA when the currency was worth a lot less. 

The record is 2,772,000 MANA in the month of November of the year 2018, which was worth just under the level of $211,000 at the time.

Discussing a non-fungible token acts as a deed of ownership to a digital item and is tokenized on a blockchain in order to be conveniently validated. 

NFTs have the potential to take all kinds of forms, from still images to videos and even tweets.

Republic Realm, the company that invests in virtual real estate in crypto games said:

“We can’t wait to announce our big plans for this estate. Our commitment to building and developing the metaverse is stronger than ever.”

Further About the Ethereum-Based 3-D Game

Decentraland is an online metaverse in which the players are provided with an option to freely explore the world, interact with other players, and play games within the environment.

Well, the 3-D game is not the only game based on blockchain build around plots of digital land sold as NFTs either. Axis Infinity and The Sandbox are also on the list of games developed on the Ethereum blockchain and have raked in millions of dollars selling virtual real estate.

READ  Bitcoin Surges Above $6,300, Hits Dominance Records From December 2017

#Decentraland #Ethereum

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/virtual-real-estate-in-ether-metaverse-game-decentraland-sold-for-913k

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Blockchain

Bitcoin & Ethereum Price May Reach To These Levels By Next Week

btceth

The post Bitcoin & Ethereum Price May Reach To These Levels By Next Week appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The Bitcoin price since the price slash has not shown the tendency to rise above the levels till now. However, it did multiple attempts to jump towards the north, yet dropped to its initial levels. A similar trend was also seen with the Ethereum price as it also fails to move and sustain above $2500. …

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The Bitcoin price since the price slash has not shown the tendency to rise above the levels till now. However, it did multiple attempts to jump towards the north, yet dropped to its initial levels. A similar trend was also seen with the Ethereum price as it also fails to move and sustain above $2500. Despite the bearish trend, yet the analyst believes much fruitful week is waiting ahead for both the assets. 

The crypto space is filled with many speculations and predictions, yet some analyst strongly believes these pullbacks are temporary. One of the popular analysts, Galaxy has predicted the price to rise above the target by next week.

The analyst predicts BTC price at $42K and ETH price at $3k in the coming 5 to 7 days. And hence keeping the hopes alive for the bull rally to resume very soon. 

Also Read: ‘Stop Trading Bitcoin Until Volatility Returns’, Says A Popular Analyst

Bitcoin Price Death Cross Expected Yet Not Validated!

Conpedia earlier reported about the upcoming death cross in the coming weekend, yet according to the reports, it may occur later in this month. But the intensity of the death cross is yet to be known. 

This is not the first time, BTC price is encountering such a situation, yet it has survived many since 2013. Each time, the price has slashed nearly 70% and regained in equal the next bottom. Each time the retracement periods are similar prior to and after the death crossover.

 The recent death cross in 2019 & 2020 did not have a similar impact as before. And according to a popular analyst,  Rekt Capital, if the upcoming DC may drag the price to as low as $18,000.

The analysts in a series of tweet explained the death cross event since the inception and its impact on the price. The analyst also said that the price have its crucial support levels at $32K and $29K. And if the price slumps below these levels, then the DC will be validated.

After the market slash, the entire crypto space is looking for a massive breakthrough that can uplift the Bitcoin price and the Ethereum price to the next level. And if the BTC price sustains the upcoming DC, then the recovery may be imminent.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/news/bitcoin-and-ethereum-price-may-reach-to-these-levels/

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Blockchain

What has been driving Amp’s price up? The Ethereum token has risen by 1200% since September!

Defi tokens AMPL and FXC

The post What has been driving Amp’s price up? The Ethereum token has risen by 1200% since September! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Despite the fact that the crypto market has been trending lower over the previous 24 hours, digital collateral token Amp (AMP) has continued to rise. Over the last 24 hours, AMP has gained 12.2 percent to $0.11, a gain of 12.2 percent. The cryptocurrency has gained 85.49 percent in a seven-day period. With a market …

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Despite the fact that the crypto market has been trending lower over the previous 24 hours, digital collateral token Amp (AMP) has continued to rise.

Over the last 24 hours, AMP has gained 12.2 percent to $0.11, a gain of 12.2 percent. The cryptocurrency has gained 85.49 percent in a seven-day period. With a market valuation of $4 billion on June 15, AMP was the 28th largest cryptocurrency by market capitalization. The token was trading at $0.086 at the time of writing.

Here’s more about the 1200% hype since September

In decentralized finance, AMP is an Ethereum-based digital currency that is useds as collateral to secure transactions and decentralize the risk of asset transfer (Defi). AMP is a collateral token for Defi applications that secures smart contracts.

The price began 2021 at $0.006657, after first launching at $0.009559 in September 2020, but has since fallen. Despite the fact that it saw significant increases following the Coinbase IPO last week. This year, Amp has been a standout performer, rising from $0.03 to $0.10 in a matter of weeks.

Coinbase, Gemini, Bittrex, Flexa, SushiSwap, UniSwap, and a number of other centralized and decentralized exchanges are all partners with AMP.

Shopify’s recent announcement of broadening its payments capability to Facebook and Google merchants could be another huge boost for Flexa. Furthermore, Sheetz, a US food and retail chain, said last month that it will begin taking Bitcoin payments through Flexa’s services.

Amp’s native asset, according to the developers behind it, is a collateral token. It is meant to facilitate quick, secure transactions. A

Amp insures the value of any transfer as collateral while it is pending confirmation – a process that can take anywhere from seconds to hours to days.

When consensus for a given transfer is reached, the tokens used as collateral are normally released, making them available to collateralize another transfer.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/altcoin/what-has-been-driving-amps-price-up/

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