The BIC chairman says Bitcoin (BTC) is apparently a “no-nonsense” resource, but it still makes sense after the winter currency price action proves profitable. His company, Ruffer Investment Company, converted some of its holdings in gold into bitcoins in November.

In November, Ruffer Investment Company Limited allocated 2.5% of its multi-strategy fund from gold to bitcoin as a hedge against the “continued devaluation” of the fiat currency. Since then, the value of gold has increased by 4%, while the value of bitcoins has increased by 92% – a figure that rose briefly to 123% during BTC’s short stay which topped $ 40,000 on January 10.

In his investment report for the last quarter of 2020, Ruffer’s chairman, Jonathan Rover, said his company, after much internal discussion, had expanded its reach into Bitcoin, as they believed BTC might be suspicious of gold’s position as the only “overvalued”. he wrote:

“The main reason we have is that Bitcoin becomes an obstacle to the position of gold as the only currency that can be owned when fiat currencies are broken.
Raver said that Bitcoin was a “unique animal” that underwent a “long” rating before joining the multi-share fund:

“We did a good job assessing the risk that bitcoin was wrong. We’ve been looking at it for a long time and thinking it is a unique animal like a development value creation that combines some of the benefits of technology and gold.”
As of November 30, Ruffer has assets under management of 20.3 billion pounds ($ 27.5 billion). Founded in 1994, the company has 330 employees and serves nearly 6,600 clients, including pension funds, families, charities, and individuals around the world.

Jonathan Raver told readers on the company’s website that while Bitcoin appears to be a “no-nonsense” source, it is in line with the company mentality:

“Yes, it appears to be a meaningless resource, but it is a resource that is absolutely critical to the way we see the world.”
Although Bitcoin rose to new full-time spots in the winter, Raffer said he only felt “nervous excited” with the result, and that keeping customers safe was more important than short-term price increases.

Source: CoinTelegraph