Profit of $ 1 Million in 5 Months from Bitcoin Investment!

Asset management company Ruffer announced that it made a profit of $ 1 million in 5 months from its Bitcoin investment.

The company management slowly sold their Bitcoin holdings, thinking that the young people would not spend much time trading as the quarantines ended. Speaking to The Sunday Times, Hamish Baillie, Ruffer's investment manager, explained that the company initially bought about $600 million in Bitcoin in November last year. Baillie said, “When the price doubled, we made a profit selling for our clients in December and early January. We actively managed the position and when we sold the last portion in April our total profit was over $1.1 billion.” The company, which also has offices in London and Paris and manages billions of dollars in assets, reported in December that it has allocated 2.5 percent of its Multi-Strategy Fund to Bitcoin. It was announced that this amount corresponds to approximately 750 million dollars. At the beginning of February, the company stated that it had made a sale of $ 650 million and that it had $ 700 million in Bitcoin. Ruffer's chairman, Jonathan Ruffer, on the other hand, said in a speech in January that Bitcoin could turn into a "super-currency" that could replace gold.