An asset manager has made it big in the crypto world. He goes by the name “50 cent” and has been placing bets for not such a long time just a short period of 5 months and has already rolled in 1.1 billion dollars. The Sunday Times reported that a London-based stock exchange Ruffer had raised nearly $600 million in Bitcoin when the currency was trading below $20k but later in the year the firm was able to make money as Bitcoin skyrocketed to almost $60k value.
Bitcoin has been through pretty difficult times lately as the currency suffered a lot when Elon Musk decided to suspend Bitcoin payments in Tesla due to environmental concerns. The currency tanked last month after the announcement was made along with other cryptocurrencies that were hit very badly.
Ruffer has been able to make money in these tough times. Its investment director, Hamish Baillie has expressed his opinion on how the company managed this profit. He attributed the majority of the gains to stimulus payments though he also warned that people might lose interest in crypto once lockdown is lifted.
Despite the Tesla ban Baillie believes that people will continue to invest in crypto and institutions will continue to buy and trade in Bitcoin and other cryptocurrencies. He also called the Bitcoin-related energy concerns “Hyperspeak and Misinformation”. Ruffer has got one other major cryptocurrency win to its credit in 2020 just before the start of the pandemic.
