{"id":108269,"date":"2021-01-13T09:27:19","date_gmt":"2021-01-13T09:27:19","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108269"},"modified":"2021-01-13T09:27:19","modified_gmt":"2021-01-13T09:27:19","slug":"bitcoin-is-non-sensical-asset-that-still-makes-sense-says-uk-investment-manager","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-is-non-sensical-asset-that-still-makes-sense-says-uk-investment-manager\/","title":{"rendered":"Bitcoin is \u2018non-sensical\u2019 asset that still makes sense, says UK investment manager"},"content":{"rendered":"

The chairman of a British investment firm\u00a0says Bitcoin (BTC) is a seemingly \u201cnon-sensical\u201d asset \u2014 but one that still makes sense after the coin\u2019s winter price movement proved profitable. His firm, Ruffer Investment company, converted a portion of its gold holdings into Bitcoin\u00a0in November.<\/p>\n

Ruffer Investment Company Limited reallocated 2.5% of its Multi-Strategies Fund from gold to Bitcoin in November as a hedge against the \u201ccontinued devaluation\u201d of fiat. Since then, the value of gold appreciated by 4%, while the value of Bitcoin grew by 92% \u2014 a figure which briefly rose to 123% during BTC\u2019s short stay above $40,000 on Jan. 10.<\/p>\n

Writing in an investment review for the final quarter of 2020, Ruffer chairman Jonathan Ruffer said that after much internal deliberation, his firm had added exposure to Bitcoin because it thought BTC could challenge gold\u2019s status as the one \u201csupra-currency\u201d. He wrote:<\/p>\n

\u201cOur underlying reasoning is that bitcoin is becoming a challenger to gold\u2019s standing as the one supra-currency, the thing to own when fiat currencies are kerplunked.\u201d<\/p><\/blockquote>\n

Ruffer said Bitcoin was a \u201cunique beast\u201d which was subject to a \u201clongish\u201d assessment before being introduced to the multi-strat fund:<\/p>\n

\u201cWe have done much work on assessing the danger that bitcoin is a wrong\u2019un. We have been watching it for a longish time, and our judgement is that it is a unique beast as an emerging store of value, blending some of the benefits of technology and gold.\u201d<\/p><\/blockquote>\n

The Ruffer firm had 20.3 billion pounds ($27.5 billion) in assets under management as of Nov. 30. The company was founded in 1994 and employs 330 people, serving around 6,600 clients comprised of pension funds, families, charities and individuals worldwide.<\/p>\n

Jonathan Ruffer told readers on the company website that even though Bitcoin seemed like a \u201cnon-sensical\u201d asset, it was one that aligned with the firm\u2019s perspective on the world:<\/p>\n

\u201cYes, it is a seemingly non-sensical asset \u2014 but one that makes absolute sense for how we see the world.\u201d<\/p><\/blockquote>\n

Despite Bitcoin\u2019s ascendance to new all-time highs over the winter period, Ruffer said he felt only \u201cnervously satisfied\u201d with the outcome, and that keeping clients safe was more important than short-term price pumps.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of a British investment firm\u00a0says<\/p>\n","protected":false},"author":3,"featured_media":108268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin is \u2018non-sensical\u2019 asset that still makes sense, says UK investment manager - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-is-non-sensical-asset-that-still-makes-sense-says-uk-investment-manager\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin is \u2018non-sensical\u2019 asset that still makes sense, says UK investment manager - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The chairman of a British investment firm\u00a0says\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-is-non-sensical-asset-that-still-makes-sense-says-uk-investment-manager\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-13T09:27:19+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/ccryptafoto2b2421ce-8b8c-4287-8025-0998d8ff10f8.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-is-non-sensical-asset-that-still-makes-sense-says-uk-investment-manager\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-is-non-sensical-asset-that-still-makes-sense-says-uk-investment-manager\/\",\"name\":\"Bitcoin is \u2018non-sensical\u2019 asset that still makes sense, says UK investment manager - 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