Ruffer Investment Confirms Massive Bitcoin Buy of $744 Million

From coindesk.com

U.K.-based Ruffer confirmed the size of its tremendous bitcoin investment from November in an email to CoinDesk Wednesday. "Ruffer's exposure to bitcoin currently totals around £550m, equivalent to around 2.7% of the firm's assets under management," a spokesperson told CoinDesk in an email. Based on current exchange rates, £550 million is worth $744.26 million or roughly 45,000 BTC based on November 2020 prices. The investment was "primarily a protective move for portfolios" to "act as a hedge" against "some of the risks that we see in a fragile monetary system and distorted financial markets." Ambiguous ... (full story)