The big picture:
- Ruffer left the Bitcoin market after netting a profit of over $1.1 billion
- The firm started its investment in the market with 600 million
- Investment Director Hamish Baillie says a return to the market is not out of the question
UK-based investment manager Ruffer entered the Bitcoin market last November with an investment of around $600 million. It didn’t take long for the company’s bet on BTC to start paying off nicely, as the company managed to reap a $750 million profit just a few months later while still holding a sizeable Bitcoin position.
Now, the company’s investment director Hamish Bailie says that the company has sold off all the Bitcoin it owned. In total, the Bitcoin investment generated over $1.1 billion in profits for Ruffer.
Before now, the company already conceded that it had sold off some of its assets for a profit of a region around $750 million, which is sold across December and January this year. In a statement that the Investment Director gave at the firm, Hamish Baillie pointed out that the firm held up its position since they started investing and gathered a total reward of $1.1 billion.
Giving their reasons for exiting the market at this period, the company discussed market sentiment. It pointed out that young people would spend less of their time trading Bitcoin because of the pandemic-induced lockdowns finally easing up.
Baillie says Ruffer might return to the Bitcoin market
After taking their profits in the Bitcoin scene, the firm has, in turn, reinvested the said profit in other protective assets. A typical example is a government-backed bond that sees its price in correlation with retail price index.
Despite this, Baillie has mentioned that they have not shut their door on returning to Bitcoin as they are still mulling on a possible return in the coming years. One of the executives in the company mentioned that as far back as 2017, the firm was highly skeptical towards Bitcoin, but all that changed last year with the Bitcoin boom.
Baillie also mentioned that he was not too concerned about the debate about Bitcoin’s environmental impact which has been raised by Tesla CEO Elon Musk. Baillie pointed out that most of the criticism that the asset is receiving now is stemming from misinformation. He also noted that the gaming industry consumes more energy than the Bitcoin mining industry.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.