Bitcoin makes history, and the prize goes to all the hodlers who were able to stand by the king coin for this long following the massive drop in price from back in 2018.
Now, after BTC managed to break $20k and the levels beyond it, there’s enormous FOMO all over the world with everyone wanting a piece of this precious cake.
PayPal, MicroStrategy and other institutions have supported this huge move, without a doubt, by buying BTC and bringing crypto services to the public – this is the case of PayPal.
Now, it’s been just revealed that London-based investment firm Ruffer is allocating a portion of its asset portfolio to Bitcoin as a defence against currency devaluation, according to the latest reports coming from the Daily Hodl.
The company manages about $27 billion in assets for individuals, families, pension funds, and charities has set aside 2.5% of its multi-strategies fund, or roughly $15 million dollars, to invest in BTC.
Ruffer described the move as “an insurance policy against inflated fiat currencies, and as an added diversification alongside gold.”
“This is primarily a defensive move, one made in November after reducing the company’s exposure to gold. The exposure to Bitcoin is currently equivalent to around 2.5% of the portfolio,” they note.
The company also said: “We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies. 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.”
It’s important to highlight the fact that the institutional investments in Bitcoin have been gaining momentum over the year, with companies like MicroStrategy, MassMutual, and PayPal joining the space.
It’s been also revealed that various investors could also ditch gold for Bitcoin, says a new report from JP Morgan.
Source: Read Full Article