Ruffer Investment Company of the UK announced to shareholders today that it had allocated about 2.5 per cent of its portfolio to bitcoin, according to Investegate. In correspondence with CoinDeskZack Voell, the company noted that “Ruffer’s exposure to bitcoin is currently around £ 550m, equivalent to about 2.7% of the company’s assets under management.” That’s the equivalent of more than $ 740 million.
In the announcement, Ruffer noted that “this is primarily a defensive move, one made in November after reducing the company’s exposure to gold.”
It is likely that Ruffer Investment Co. made this allocation because a small position in bitcoin can serve as a powerful insurance policy against the continued devaluation of the world’s major currencies, because bitcoin is diversifying the company’s (much larger) investments in gold and its link inflation. bonds and because bitcoin acts as a hedge for some of the financial and market risks that Ruffer Investment Co. poses. will see them.
Bitcoiners have long been speculating that bitcoin would begin to be recognized as an allocation alongside gold and that entities would diversify away from gold into bitcoin.
In a recent episode of the “Bitcoin Magazine Podcast,” economist Lyn Alden noted that bitcoin is still on the move with gold investors.
This move by Ruffer Investment Co., and many others, such as MicroStrategy and MassMutual, further demonstrates the development of bitcoin as a treasury asset and credible neutral value store.