Bitcoin is now attracting institutional investors, 2020 has gone down as a transformative year for Bitcoin, with firms like Grayscale, PayPal, MicroStrategy and MassMutual rewriting the narrative on digital assets. Now, a United Kingdom-based investment manager has added Bitcoin (BTC) to its portfolio, underscoring the ongoing institutional shift toward digital assets.
Ruffer Investment Company Limited, an investment manager with shares listed on the London Stock Exchange, has disclosed its new Bitcoin strategy. In a performance update and manager comment posted on Tuesday, Ruffer said it has added Bitcoin to its Multi-Strategies Fund, primarily as a defensive move against the “continued devaluation” of fiat money. The fund now holds roughly 2.5% of its assets in Bitcoin.
The allocation was made in November after Ruffer reduced its exposure to gold in favor of BTC. The firm said: “We see this as a small but potent insurance policy against the continuing devaluation of the world's major currencies. Bitcoin diversifies the company's (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.”
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The institutional flood into BTC continues.
https://cointelegraph.com/news/u-k-investment-manager-shifts-allocation-to-bitcoin-from-gold-in-defensive-move
