Ruffer Chairman Calls Bitcoin a "Unique Beast"
Key Takeaways
- Jonathan Ruffer, the chair of British investment management firm Ruffer, has endorsed Bitcoin.
- He calls the cryptocurrency a “unique beast” and a viable challenger to gold as a store of value.
- Ruffer previously invested $744 million in Bitcoin in December.
Jonathan Ruffer, chair of British investment management firm Ruffer, endorsed Bitcoin during the company’s latest investment review.
“Bitcoin is a unique beast as an emerging store of value, blending some of the benefits of technology and gold,” Ruffer stated in the publication. He added that Bitcoin is “becoming a challenger to gold’s standing as the one supra-currency.”
The British investment firm previously released details of its own Bitcoin investment. In December, it spent $744 million on BTC, representing 2.7% of its total AUM ($27.3 billion).
Amidst a flurry of new institutional interest from firms like Microstrategy and Square, Bitcoin investors might have ignored the importance of Ruffer’s move.
However, investing in Bitcoin is a drastic step for Ruffer, as board members deliberated carefully on the investment. Ruffer stated in this month’s review that the firm has become “nervously satisfied” that Bitcoin has a major role to play in its activities.
Ruffer noted that Bitcoin, like gold, is an investment for when the U.S. dollar and other fiat currencies are “kerplunked”—that is, when the value of fiat falls due to the dangers of inflation.
Disclosure: This author held Bitcoin at the time of publication.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article
