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Dogecoin Frenzy Causes UK Asset Managing Firm to Get Rid of $1.1 Billion Worth of Bitcoin Holdings

UK-based fund managing firm Ruffer offloaded its $600 million Bitcoin bet after becoming uncertain about the alleged frenzy in the crypto industry. This included large rallies in meme-originated tokens like Dogecoin.

The firm, known for managing nearly $34 billion for charities, affluent customers, and the like, began selling its crypto stash in December of last year. That was when the Bitcoin-to-USD ratio exchange rate saw an upsurge to $25K as reported by the Sunday Times.

The firm went on to sell as both currencies saw unparalleled highs in January 2021, breaking the previous $40K record. Ruffer had wound up its last remaining Bitcoin status around the time April came around, amassing $1.1 billion in revenue from the sales, otherwise an 83 percent profit for the fund.

The company’s consecutive Bitcoin disposals took place during moments that saw experts predicting greater estimates for the leading digital currency. For example, JPMorgan stated in a report released in January that the Bitcoin to USD ratio could surge to $146K as it rivals against gold to turn into the world’s most prominent hedge against inflation.

CIO at Guggenheim Partners Scott Minerd also demanded $400-600 worth of Bitcoin, predicting that the digital currency would manage to combat the market for gold in the long term.

Ruffer explained that it would take into consideration buying Bitcoin back as insurance to combat inflation, with Duncan MacInnes, investment director at Ruffer informing the Financial Times that the platform would be evaluating the markets more actively.

For the moment, MacInnes concurred that Bitcoin is a bit difficult to get a hold of especially when Dogecoin, the meme-centric virtual currency is worth $40 billion.

Dogecoin experienced a raucous upside rally this year as it saw an upsurge of 15,337 percent at a certain point in time.

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