Ruffer Investment Company is the current “traditional finance” firm to hop on the Bitcoin cause.
The company stated today in an update that is allocated 2.5% of its Multi-Strategies Fund to Bitcoin.
According to Ruffer, Bitcoin will be the saving grace when the world’s significant currencies struggle.
“We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,” the company stated in the note.
“Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.”
Ruffer manages around $20.3B in assets. Its clients are individuals and families, pension funds, and charities, their website stated.
The Multi Strategies Fund had about $620M in assets – meaning that around $15.5M will be allocated to Bitcoin.
The company is the cutting-edge in a recent string of traditional investment and tech firms to privet its bets with Bitcoin. Last June, MicroStrategy kicked things off by announcing it will place many reserve assets in Bitcoin. In total, the company now has more than half a billion dollars in BTC.
Last October, Jack Dorsey’s Square invested $50M in Bitcoin. And last week, MassMutual announce that it had purchased $100M worth of Bitcoin. Wall Street and Hedge funds in the world are taking an interest in the currency as they see it as an alternative asset, like gold.
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