British investment firm calls cryptocurrency purchase a defensive measure against the ongoing depreciation of the world's largest currencies
Investment company Ruffer Investment Company from the UK announced the purchase of bitcoin. The investment fund, which manages assets of approximately $ 27 billion, invested 2.5% of assets in the first cryptocurrency, writes CoinDesk .
The company has allocated funds from its separate fund Ruffer Multi-Strategies ($ 675 million under management), we are talking about an amount of about $ 15 million. The purchase transaction took place in November this year. Ruffer Investment stressed that the acquisition of the first cryptocurrency is primarily a "protective measure".
“This is a small but effective insurance against the ongoing depreciation of the world's largest currencies. Bitcoin is a diversification of the company's (much larger) investment in gold and inflation-linked bonds, as well as a hedge against certain currency and market risks that we see, ”the company said in a statement.
Her representative emphasized that the share of investments in gold has been reduced in order to be able to add bitcoin to the portfolio. In making this decision, Ruffer Investment followed two requirements: to save money over the next 12 months and to increase the value of client assets in the long term, surpassing the performance of deposit accounts.
In 2020, investment by institutional investors in cryptocurrency has become a trend. For example, last week the American insurance company MassMutual, whose investment fund exceeds $ 235 million, acquired 5,470 bitcoins worth $ 100 million.