Dogecoin frenzy forces UK fund manager to offload $1.1 billion Bitcoin stash

United Kingdom-based fund manager Ruffer liquidated its $600M Bitcoin bet after growing nervous about the speculative frenzy in the cryptocurrency market, including huge rallies in meme-based tokens like Dogecoin (DOGE). The fund, which manages roughly $34 billion for wealthy clients and charities, started selling its cryptocurrency stash in December 2020, when the BTC/USD exchange rate […]

Bitcoin sell-off likely played a key role in boosting Gold's appeal

May was a testing time for cryptocurrencies like Bitcoin (BTC). The flagship digital asset was already wobbling after rallying to nearly $65,000 in mid April, owing to profit-taking sentiment among traders. Elon Musk accelerated the sell-off by reversing his company’s plans to accept Bitcoin as payment for Tesla’s electric cars. Later in the month, the […]

London wealth manager cashes out $1B profit from $600M BTC buy in November

Asset manager Ruffer has profited by more than $1 billion in profit from a $600 million Bitcoin investment it made during November 2020. Speaking to The Times, investment director at the London-based asset management firm, Hamish Baillie, revealed that Ruffer closed out its Bitcoin position for more than $1.1 billion in profit during April: “When […]

UK investment manager sells off half BTC holdings after $750M win

United Kingdom-based Ruffer Investment Management has made more than $750 million from its Bitcoin investment in less than two months, but it has decreased the size of its holdings. According to a report from British news outlet The Telegraph, Ruffer saw “immediate fireworks” after investing roughly 2.5% of its assets into Bitcoin (BTC) in November […]