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British wealth manager Ruffer exited $1.1 billion bitcoin bet amid worries over risk

Ruffer Investment Management, a British fund manager, exited its bitcoin wager in April with a profit of $1.1 billion amid concerns over the risk following rapid gains in cryptocurrency’s prices. A spokesperson for Ruffer said Tuesday.

Ruffer placed his bitcoin bet in November. This was at the time one of the most significant signals of growing institutional interest in digital currency. It was worth approximately 550 million pounds ($745 millions) by mid-December.

The spokesperson stated that digital assets are still important to us long-term. They can also play a role in wealth preservation. “In the short-term, after the sharp rise in bitcoin prices, we felt that bitcoin was displaying more risk.”

Although the cryptocurrency reached a record high of nearly $65,000 in April it has fallen by half since then. The Sunday Times first reported Ruffer’s bitcoin profits.