Jonathan Ruffer, chairman of an investment management firm, Ruffer, has endorsed Bitcoin in the latest investment review of the firm. According to him, Bitcoin is a unique beast when it comes to the store of value. Bitcoin is bringing along the benefits of both gold and technology and is actually challenging gold in various means. He stated that Bitcoin is:
“becoming a challenger to gold’s standing as the one supra-currency.”
Even though Jonathan Ruffer has recently praised Bitcoin in the publication of his firm’s investment review, the firm has also invested in Bitcoin. Ruffer’s association with Bitcoin could be seen through its huge investment of $744 million in Bitcoin. The firm has made this investment back in December 2020 and it is representing 2.7% of its total assets under management (AUM).
Despite being a recent investment, it is unable to gain that much popularity like other institutional investors. Firms like MicroStrategy and Square have invested a huge sum of money into Bitcoin and due to this, Bitcoiners are not giving that much importance to other investment firms like Ruffer.
According to several reports, investing such a huge amount in Bitcoin has been quite extreme for Bitcoin. The reason is that the board members of the firm have been quite concerned about this investment into Bitcoin. However, in this recent investment review, it is revealed that the firm has now become satisfied with this Bitcoin investment as this crypto asset plays a major role in its activities. According to Jonathan Ruffer, Bitcoin is more like an investment similar to Gold. It acts as a hedge against inflation and people have started storing Bitcoin for the time when fiat value falls due to inflation. This is the reason why it has been called an investment like Gold.