[ad_1]
50 cents.
Argent (Music Video) | 50 cents of music
An asset manager dubbed “50 Cent” made a profit of $ 1.1 billion on bitcoin in five months. Ruffer invested around $ 600 million in November and cashed in the last of his coins in April. The company has warned that young people may lose interest in crypto once the lockdowns are over. See more stories on the Insider business page.
An asset manager dubbed “50 Cent” made a profit of $ 1.1 billion on bitcoin in the space of five months, the Sunday Times reported.
Ruffer – a London-based company that claims $ 32 billion in customer assets – invested around $ 600 million in bitcoin last November, when the cryptocurrency was trading below $ 20,000. He cashed in some of his coins after doubling in value in December and early January, then sold the rest in April as their price approached record highs of over $ 60,000.
Hamish Baillie, chief investment officer at Ruffer, told the Sunday Times that stimulus checks have fueled some of the recent demand for crypto. He also suggested that young people’s interest in digital coins may wane as lockdowns end and economies reopen.
Read more: A 22-year-old Wall Street veteran who is now the CEO of a cryptocurrency bank told us how the 2008 global financial crisis brought her to bitcoin – and where the real value of cryptocurrencies today
Additionally, Baillie predicted that institutions would continue to buy bitcoin and adopt it as an alternative safe haven asset for their wallets. Ruffer’s future bets on the coin are “certainly not off the menu,” he added.
The Ruffer executive denounced the “hyperbole and misinformation” regarding bitcoin’s energy consumption, which recently prompted Tesla CEO Elon Musk to suspend his company’s acceptance of the coin as a means of payment for his cars.
Baillie also pointed to the “huge social benefits” of bitcoin in countries like Venezuela, where soaring inflation is rapidly eroding the value of their currencies. “It has been a wonderful store of value,” he said.
Ruffer’s Bitcoin windfall marks his second big win in the past 18 months. He raked in $ 2.6 billion when the pandemic ravaged markets in the spring of 2020, as his bets on the VIX and credit derivatives, S&P 500 and Euro Stoxx puts and gold hedges fell. paid off. These gains offset almost all of its losses during the period.
Read more: 29-year-old crypto-billionaire explains how investors can use Tesla or Apple stocks as collateral to buy bitcoin or ether
The fund was dubbed “50 Cent” after buying VIX derivatives for 50 cents each in early 2018. The original “50 Cent” rapper Curtis Jackson might be a little envious of Ruffer’s bitcoin trading. He was paid around 700 bitcoins for album sales in 2014, but they were converted to dollars before they were received. These coins would be worth around $ 25 million today.
[ad_2]
picture credit