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Investment Firm Makes $1 Billion from Its Bitcoin Holdings

Ruffer Investment Management initially acquired nearly $600 million worth of Bitcoin in November 2020.

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A London-based investment management firm, Ruffer Investment recently revealed that the company has made a profit of more than $1 billion on its Bitcoin holdings.

According to the latest statement by Hamish Baillie, Investment Director at Ruffer LLP, the investment management firm initially purchased approximately $600 million worth of Bitcoin in November 2020. Founded in 1994, Ruffer is one of the leading investment firms in the UK.

“When the price of Bitcoin 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 said during an interview with The Times.

In November 2020, Bitcoin was trading at around $15,000 with a market cap of over $300 billion. Ruffer Investment Company allocated nearly 2.5% of the company’s funds to acquire BTC. Additionally, Ruffer termed Bitcoin as a good ‘hedging’ tool against the growing inflation.

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“Our exposure to bitcoin is currently equivalent to around 2.5% of the portfolio. We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,” Ruffer mentioned in December 2020.

Future Bitcoin Investments

Despite the reason that Ruffer has already sold its entire Bitcoin holdings, the company is planning to invest in the world’s largest cryptocurrency in the future.

“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,” Baillie added.

Apart from Ruffer, several other financial firms acquired Bitcoin during the latest bull run. In December 2020, Massachusetts Mutual Life Insurance (MassMutual), an American financial services company with more than 5 million clients, announced a $100 million investment in Bitcoin. In an interview with Yahoo Finance, Ray Dalio, a US-based Hedge Fund Manager, said that Bitcoin is like digital cash in nature. He compared BTC with alternative assets.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/cryptocurrency/news/investment-firm-makes-1-billion-from-its-bitcoin-holdings/

Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

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Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

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Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

Published

on

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

Continue Reading

Blockchain

Bitcoin (BTC) Surges Past $40,000 Resistance With High Exchange Outflow, $50,000 Next In Sight

Earlier today, Bitcoin (BTC) finally moved past its crucial resistance of $40,000 levels and is currently trading 2.39% up at a price of $40,350 with a market cap of over $750 billion. As per the on-chain data provider, the Bitcoin price hit its 3-week high and a recent push above $40,000 with a massive exchange

The post Bitcoin (BTC) Surges Past $40,000 Resistance With High Exchange Outflow, $50,000 Next In Sight appeared first on Coingape.

Published

on

Earlier today, Bitcoin (BTC) finally moved past its crucial resistance of $40,000 levels and is currently trading 2.39% up at a price of $40,350 with a market cap of over $750 billion. As per the on-chain data provider, the Bitcoin price hit its 3-week high and a recent push above $40,000 with a massive exchange outflow. The Bitcoin exchange flow balance turning negative on Monday was certainly a bullish indicator for the world’s largest cryptocurrency.

Bitcoin has been showing bullish momentum over the last few days making investors and analysts hopeful of its journey to the north. Besides, El Salvador making Bitcoin a legal tender has caused a major buzz with more Latin American countries showing interest in joining the bandwagon.

As per market analysts, if Bloomberg manages to move past the 200-DMA above $40,500, it will be setting up itself for its next move to $50,000.

At the same time, Bitcoin (BTC) continues to receive praise and backing from global billionaires. On Monday, June 14, American billionaire and hedge fund manager Paul Tudor Jones showered praised for Bitcoin saying that it serves as a great portfolio diversifier. He also announced a 5% portfolio allocation to Bitcoin.

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MicroStrategy to Sell $1 Billion In Common Stock to Buy Bitcoin

On Monday, June 14, business intelligence firm MicroStrategy made two big announcements. First that it successfully completed the conversion of $500 million worth of corporate bonds due 2028 and the company is mulling to invest this amount in Bitcoin. As of now, MicroStrategy holds more than 92,000 Bitcoins in its treasury with its total investment going past $2.2 billion.

The second news is that the company is now considering the public sale of Class A Common Stock through an open market agreement.

In this filing, the firm wrote: “We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin”.

The firm further noted: “The concentration of our bitcoin holdings enhances the risks inherent in our bitcoin acquisition strategy. Servicing our debt will require a significant amount of cash, and we may not have sufficient cash flow from our business to pay our indebtedness.”

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coingape.com/bitcoin-btc-surges-past-40000-resistance-high-exchange-outflow-50000-next-sight/

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Blockchain

Bitcoin (BTC) Surges Past $40,000 Resistance With High Exchange Outflow, $50,000 Next In Sight

Earlier today, Bitcoin (BTC) finally moved past its crucial resistance of $40,000 levels and is currently trading 2.39% up at a price of $40,350 with a market cap of over $750 billion. As per the on-chain data provider, the Bitcoin price hit its 3-week high and a recent push above $40,000 with a massive exchange

The post Bitcoin (BTC) Surges Past $40,000 Resistance With High Exchange Outflow, $50,000 Next In Sight appeared first on Coingape.

Published

on

Earlier today, Bitcoin (BTC) finally moved past its crucial resistance of $40,000 levels and is currently trading 2.39% up at a price of $40,350 with a market cap of over $750 billion. As per the on-chain data provider, the Bitcoin price hit its 3-week high and a recent push above $40,000 with a massive exchange outflow. The Bitcoin exchange flow balance turning negative on Monday was certainly a bullish indicator for the world’s largest cryptocurrency.

Bitcoin has been showing bullish momentum over the last few days making investors and analysts hopeful of its journey to the north. Besides, El Salvador making Bitcoin a legal tender has caused a major buzz with more Latin American countries showing interest in joining the bandwagon.

As per market analysts, if Bloomberg manages to move past the 200-DMA above $40,500, it will be setting up itself for its next move to $50,000.

At the same time, Bitcoin (BTC) continues to receive praise and backing from global billionaires. On Monday, June 14, American billionaire and hedge fund manager Paul Tudor Jones showered praised for Bitcoin saying that it serves as a great portfolio diversifier. He also announced a 5% portfolio allocation to Bitcoin.

advertisement

MicroStrategy to Sell $1 Billion In Common Stock to Buy Bitcoin

On Monday, June 14, business intelligence firm MicroStrategy made two big announcements. First that it successfully completed the conversion of $500 million worth of corporate bonds due 2028 and the company is mulling to invest this amount in Bitcoin. As of now, MicroStrategy holds more than 92,000 Bitcoins in its treasury with its total investment going past $2.2 billion.

The second news is that the company is now considering the public sale of Class A Common Stock through an open market agreement.

In this filing, the firm wrote: “We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin”.

The firm further noted: “The concentration of our bitcoin holdings enhances the risks inherent in our bitcoin acquisition strategy. Servicing our debt will require a significant amount of cash, and we may not have sufficient cash flow from our business to pay our indebtedness.”

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Handpicked Stories

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coingape.com/bitcoin-btc-surges-past-40000-resistance-high-exchange-outflow-50000-next-sight/

Continue Reading
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