A report by The Times has recently revealed that Ruffer, the asset management firm based in the United Kingdom has sold all of its Bitcoin holdings worth $1.1 billion. The investment Director claims that the firm does not rule out investing in the flagship currency in the future.
Ruffer Sells all of its Bitcoin Holdings
The report shared by The Times on June 6 revealed that the UK asset management firm has dumped its Bitcoin holdings completely in the month of April after selling half of its positions in the month of February.
As revealed, the trade was executed on time, provided that Bitcoin spiked to the level of $64,854 on April 14.
One of the reasons why Ruffer left the cryptocurrency is that it expects younger people to stop actively trading now that the lockdowns are over.
In addition to this, it should be noted that Ruffer made an announcement in the month of December that it is placing a $600 million bet on the cryptocurrency.
The investment director of Ruffler, Hamish Baillie, claims that the company doesn’t rule out investing in Bitcoin in the future. She said:
“If you have a multi-asset strategy then things that behave in different ways are really helpful. There’s no point being multi-asset if all your different assets move with the same dynamics.”
Hamish Baillie on Environmental Concerns Surrounding Cryptocurrency
Hamish Baillie spoke of environmental concerns that surround the flagship cryptocurrency and dismissed those concerns as misinformation. In addition to this, she said that the gaming industry ranks higher in terms of energy consumption than cryptocurrency.
Moreover, she said that around 70% of the extraction process is powered by the renewable sector.
Also, it should be noted that recently, Square and Blockstream have shaken hands in order to build a Bitcoin mining farm that is going to be powered by solar energy.