Ruffer Investment Director reveals: Dogecoin craze is a speculative signal for the company to sell Bitcoin

The traditional UK financial investment institution Ruffer Investment revealed that concerns about excessive speculation in the overall cryptocurrency market were the primary reason for the company to liquidate all of its bitcoin positions.

Dogecoin Craze Reaches Speculative Peak

According to a report from The Sunday Times, the traditional UK financial investment firm Ruffer Investment allocated 2.5% of its Ruffer Multi-Strategies Fund to invest in Bitcoin in November last year. They started selling off their holdings from December until they sold the last batch of Bitcoin in April, resulting in a profit slightly above $1 billion and a fund performance of 83%.

However, Ruffer's investment director Duncan MacInnes clarified in an interview with the Financial Times that the company will continue to evaluate the market and consider repurchasing Bitcoin as a hedge against inflation. Nevertheless, Duncan MacInnes emphasized that in the current market environment, Ruffer would choose to stay on the sidelines as Bitcoin is in an overheated state, especially with meme-based cryptocurrencies like Dogecoin valued at $40 billion. Duncan MacInnes stated:

"The bubble might have already burst... you can clearly see an increase in speculative behavior in the market."

Duncan MacInnes added that although Bitcoin surged from $30,000 to nearly $65,000 amid the Dogecoin frenzy, there is at least some rationality behind Bitcoin's rise compared to Dogecoin.

Ruffer Investment stated that they have now shifted their funds to traditional inflation-resistant assets, including gold, inflation-linked bonds, and commodities. However, the company emphasized that they would still keep Bitcoin on their list for future investments.