British listed company Ruffer configures Bitcoin to resist the risk of "devaluation" of legal currency

A British investment management firm has added Bitcoin (BTC) to its portfolio, underscoring the institutional shift towards digital assets.

Ruffer Investment Company Limited, an investment management firm listed on the London Stock Exchange, has unveiled its new Bitcoin allocation strategy.

Ruffer said in a performance report and manager’s review published Tuesday that the firm has included bitcoin in its Multi-Strategies fund primarily as a defensive move against the risk of “continued devaluation” of fiat currencies. The fund currently holds around 2.5% of its total assets in bitcoin.

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In November last year, Ruffer made this asset allocation after reducing his gold holdings and switching to BTC.

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The company said:

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“We believe this is a small but effective insurance policy against continued devaluation of major global currencies. Bitcoin diversifies the company’s gold and inflation bond investments and serves as a hedge against some of the currency and market risks we see.”

Founded in 1994, Ruffer managed 20.3 billion euros ($27.2 billion) in assets as of Nov. 30. The company has around 6,600 clients worldwide, including individuals, families, pension funds and charities.

Ruffer’s move echoes JPMorgan’s recent claim that bitcoin is quietly eating away at gold’s market share. In a note to clients published by JPMorgan last week, quantitative strategists including Nikolaos Panigirtzoglou said bitcoin adoption could create "structural headwinds" for gold.

These strategists wrote:

"If this medium- to long-term theory proves correct, gold prices will encounter structural headwinds in the coming years."

For Bitcoin, 2020 has been a year of change, with companies such as Grayscale, PayPal, MicroStrategy, and MassMutual changing the way people think about digital assets.

Cryptocurrency pioneer and ShapeShift CEO Erik Voorhees believes that strong institutional investors will protect assets like bitcoin from excessive government intervention. With the participation of major institutions, the bitcoin market is forming a natural "fortress" against intrusive regulation.

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