Ruffer Investment Management – a fund manager based in the United Kingdom – has a little bet going on bitcoin. The company has noticed how stellar the currency has been doing as of late, and it’s found a fun and unique way of cashing in on the action. Executives have placed a bet worth approximately 550 million pounds on BTC at the time of writing, as they believe the asset is likely to strike some major chords in the coming weeks and months.

Ruffer Management Sees Bitcoin as a Serious Contender

As it stands, the firm manages more than $27 billion in assorted assets and boasts more than 6,500 customers. A spokesman for the company claims the bet was made through a third party, and accounts for close to three percent of the company’s assets. The spokesperson says that the bet “acts as a hedge to some of the risks that we see in a fragile monetary system and distorted financial markets.”

The idea amongst many institutional players is that bitcoin has become a hedge tool over the past few months. Many individuals and enterprises alike have taken notice of the U.S. dollar and other forms of fiat, many of which have fallen victim to inflation and other harsh economic circumstances that have either harmed or brought down their total values.

Naturally, people are beginning to look for alternatives out of concern that their money may not be safe in the present economy. Thus, bitcoin represents a major way to stay afloat during times of monetary trouble. It has been compared favorable to gold numerous times, and many businesses now view the world’s number one digital currency not just as a speculative asset, but as a store of value and as a valid “safe haven” of sorts.

Ruffer joins a long list of major companies – including MicroStrategy, Square and Stone Ridge – to invest a good portion of their general investment money into the cryptocurrency. At the time of writing, the currency has surged well beyond the $20,000 mark, and is up 170 percent since the beginning of the year. In a statement, Ruffer described the bet as follows:

We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies.

Keeping Your Wealth Safe

Thus far this year, many large traders such as Paul Tudor Jones have come forward to speak praise towards bitcoin and tell their followers that if they’re looking to have versatility and strength in their wealth, the days of avoiding bitcoin and crypto should be at an end. They now claim that for a portfolio to remain strong and resilient, bitcoin must be included.

Many custody firms and brokerages – such as Japan’s Nomura Holdings and Fidelity Investments – have now begun offering their customers ways of getting their fingers on cryptocurrencies and introducing them to this new trading world.

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