- Ruffer makes over $1.1 billion in profit from Bitcoin cash out.
- The company’s initial investment was $600 million in November.
- Other company’s too have invested million in Bitcoin.
The investment management company — Ruffer, is cashing out its Bitcoin investment made in November. To be specific, the company is cashing out over $1.1 billion in total profits.
Initially, the company put in $600 million as an investment in Bitcoin. So, in less than six months the company saw an astounding gain in profits.
In particular, Hamish Baillie, investment director at Ruffer, told The Times that the company closed its Bitcoin position in April. Moreover, this action gave Ruffer a profit of over $1.1 billion.
When the price doubled we took some profits for our clients in December and early January. We actively managed the position, and by the time we sold the last tranche in April the total profit was slightly more than $1.1 billion.
Additionally, Ba...
This article was first published on coinquora.com