🐝 Three reasons why Ruffer Investment bought Bitcoin for $748 million 🐜🐞
Screenshot_4.png The chairman of the British investment company Ruffer Investment Company, Jonathan Ruffer, expressed the opinion that bitcoin (BTC) is becoming a contender for the status of gold as the only super-currency that is simply necessary, since fiat currencies are doomed.
"We have done a lot of work to assess the likelihood that bitcoin is the wrong choice. We have been watching it for a long time, and we believe that it is a unique asset developing as a means of saving, combining some of the advantages of technology and gold," ruffer said in his latest investment review. It is known that the company invested in bitcoin £550 million (or $748 million), which is approximately 2.5% of its assets.
Ruffer described how he sees the current investment environment:
- We see inflation and more inflation ahead.
- Global currencies are at risk of being threatened by the issue of more money.
- Growing companies are too big, too dominant, and unlikely to increase their profits quickly to compensate for what happens when long-term returns rise. Their ratings will fall as investors are unlikely to pay such high ratios for future returns. Another important aspect for the company was the question of when to invest in BTC.
"We were of the view that November of last year was the right time, and if we had postponed the purchase for a longer period, subsequent price changes would have deterred us from purchasing. So we decided, " said the top manager.
However, according to him, the entry price at $34,000 also looks acceptable.
"We are engaged in ensuring the security of customers and are satisfied that bitcoin also contributes to this cause," Ruffer concluded.
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