Ruffer Investment Company sent a short update to shareholders notifying them of the company’s allocation to bitcoin.
- In November, Ruffer allocated what is currently worth approximately 2.5% of its portfolio to bitcoin (BTC, +1.41%), per the memo, or roughly $675 million. The firm manages roughly $27 billion.
- “We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,” the London-based firm wrote.
- “Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.”
- The four-paragraph memo was sent to shareholders Tuesday.
- Bitcoin gained over 40% in November, closing the month by setting a new record high above $19,850.