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British fund firm Ruffer has 550 million pounds bitcoin bet - spokesman
12/16/2020 | 09:17am EDT
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LONDON (Reuters) - British fund manager Ruffer Investment Management last month made a bet on bitcoin now worth around 550 million pounds ($745 million), a spokesman for the company told Reuters, in one of the largest signals of rising institutional interest in the digital currency this year.
The allocation by Ruffer, which managed 20.3 billion pounds ($27.3 billion) in assets at end-November on behalf of more than 6,500 investors globally, acts as a hedge to some of the risks that we see in a fragile monetary system and distorted financial markets, the spokesman said via email.
Equivalent to around 2.7% of total assets -spokesman Larger investors see bitcoin as inflation hedge (Updates prices, adds comments, graphic, context)
LONDON, Dec 16 (Reuters) - British fund manager Ruffer Investment Management last month made a bet on bitcoin now worth around 550 million pounds ($745 million), a spokesman for the company told Reuters, in one of the largest signals of rising institutional interest in the digital currency this year.
The allocation by Ruffer, which managed 20.3 billion pounds ($27.3 billion) in assets at end-November on behalf of more than 6,500 investors globally, “acts as a hedge to some of the risks that we see in a fragile monetary system and distorted financial markets,” the spokesman said via email.