Bitcoin Markets, Ruffer Investment

Correction (Dec. 15, 18:49 UTC): Ruffer allocated 2.5% of its multi-strategies fund to bitcoin, not 2.5% of its total AUM, as was previously reported. The total allocation is worth roughly $15 million.

Ruffer Investment Company sent a short update to shareholders notifying them of the company’s allocation to bitcoin.

  • In November, Ruffer allocated what is currently worth approximately 2.5% of its multi-strategies fund to bitcoin, per the memo, or roughly $15 million. The fund manages roughly $620 million.
  • “We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,†the London-based firm wrote.
  • “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.â€
  • The four-paragraph memo was sent to shareholders Tuesday.
  • Bitcoin gained over 40% in November, closing the month by setting a new record high above $19,850.

Update (Dec. 15, 18:41 UTC): Updated to fix typographical error reflecting bitcoin gained 40% in November, not $40.

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