Ruffer says the company decided to sell its bitcoin investments because with the lifting of lockdown restrictions, they didn’t expect young people to spend so much time trading.
An investment director at Ruffer told The Sunday Times that the company made little profits for its clients in December and early January, when the price had doubled. After this, the company continuously monitored the condition of bitcoin and when the company sold its bitcoins in April, it made a profit of $ 1.1 billion (about Rs 8,000 crore).
Ruffer was the first fund manager to invest in bitcoin. Even though the investment was for a short time span, Bailey says the company may continue to invest in cryptocurrencies in the future. He also predicted that the company would continue to believe in bitcoin and would choose it as an alternative asset to its portfolio.
Over the past few weeks, the price of Bitcoin as well as Dogecoin and some other cryptocurrencies in India have been volatile. The market has seen a decline, especially after China banned financial institutions and payment companies from providing services related to cryptocurrency transactions.