Ruffer Investment Boss Calls Bitcoin ‘Nonsensical’ as Company Adds BTC to Portfolio ByJimmy AkiPRO INVESTOR Updated: 02 August 2021 One of the most exciting things about the current Bitcoin rally is its ability to defy reasonable economic laws. Still, the fact that it remains profitable means that several people have chosen to ignore conventional economics and buy-in regardless. Bitcoin to Usurp Gold Jonathan Ruffer, the chairman of British investment firm Ruffer Investment Company Limited, shared his company’s investment review for the last quarter of 2020. He highlighted the company’s recent move to allocate some portion of its assets to Bitcoin, as well as his predictions for the asset. Last month, Ruffer Investments announced that it had added Bitcoin to its portfolio, becoming the latest institutional firm to embrace BTC. At the time, the firm, which has about $27.2 billion in assets under management, said in a filing that it had added Bitcoin to its Multi-Strategies Fund, primarily as a defensive move following continued currency devaluations. The company added that about 2.5 percent of the fund was now in Bitcoin, explaining that the move was essentially a potent insurance policy for them. Up to that point, the British firm had focused its investments on inflation-linked bonds and gold. In his review, Jonathan Ruffer explained that the company had moved into Bitcoin as part of its belief that the leading cryptocurrency would eventually challenge gold as the world’s “supra-currency.” The investment expert appeared to allude to gold’s current status as the top alternative asset, which many believe will eventually fall to Bitcoin in the coming years. Ruffer also pointed out the company’s strategy for making the Bitcoin investment. In part, he explained that the leading cryptocurrency is a “nonsensical asset,” but that is aligned with the company’s vision. He also claimed that the investment company had assessed Bitcoin for a while before adding it to their multi-strat fund. “We have done much work on assessing the danger that bitcoin is a wrong’un. We have been watching it for a longish time, and our judgment is that it is a unique beast as an emerging store of value, blending some of the benefits of technology and gold.” Making Money From a “Nonsensical” Asset Ruffer’s stance on Bitcoin seems rather apt. The asset has delivered almost 100 percent gains over the past month. Returns like that only come from fad investments or Ponzi schemes – both of which end up bringing investors at the end of the day. The British investment firm already made significant gains from its investment. Its announcement was dated December 15, with Bitcoin trading at $19,370. With Bitcoin trading at $33,814 at press time, Ruffer Investments’ Bitcoin play already yielded 74.5 percent in returns. When Bitcoin hit its new all-time high of $42,000, returns would have been higher.