UTC-05:00,Wednesday , August 04th 2021

Bitcoin Is ‘Non-Sensical’ Asset That Still Makes Sense, Says UK Investment Manager

03:16 Wednesday , January 13th 2021
The chairman of a British investment firm says Bitcoin (BTC) is a seemingly “non-sensical” asset — but one that still makes sense after the coin’s winter price movement proved profitable. His firm, Ruffer Investment company, converted a portion of its gold holdings into Bitcoin in November.
Ruffer Investment Company Limited reallocated 2.5% of its Multi-Strategies Fund from gold to Bitcoin in November as a hedge against the “continued devaluation” of fiat. Since then, the value of gold appreciated by 4%, while the value of Bitcoin grew by 92% — a figure which briefly rose to 123% during BTC’s short stay above $40,000 on Jan. 10.
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