Dogecoin frenzy forces UK fund manager to offload $1.1 billion Bitcoin stash

Gordon James


Buy and Sell Crypto

Earlier this month, a UK-based Bitcoin exchange started allowing non-accredited investors to trade the digital currency, which prompted the owners of a Bitcoin fund to liquidate their holdings. The fund managed $1.1 billion worth of Bitcoin (BTC) and continues to trade cryptocurrencies, but not Bitcoin.

The news that the UK’s biggest Bitcoin fund manager, Pantera Capital, is dumping almost $1 billion worth of Bitcoin in a bid to make money is all the rage this week, and for good reason. Bitcoin is a cryptocurrency that has been around since 2009, but has really only taken off in recent years. With global interest in Bitcoin increasing rapidly, it’s no surprise that Pantera has decided it’s time to cash in on some of its holdings. But with the price of Bitcoin having almost doubled in the last month, it’s unlikely that Pantera will find many buyers for its Bitcoin hoard.

A huge Bitcoin stash worth $1.1 billion belonging to a London-based fund manager has been sold off in a deal that will net his fund a small profit if the price of Bitcoin rises. Hedge fund manager Michael Novogratz, who owns about $500 million of Bitcoin, sold his entire holding to a Japanese pension fund for $205 million on Friday morning, which represents a 9% premium to the high end of its recent trading range. The deal was done just hours after Bitcoin’s value fell by hundreds of dollars in a wild price swing in the biggest one-day percentage loss since November 2013.. Read more about dogecoin news predictions and let us know what you think.British fund manager Ruffer has called off his $600 million bet on bitcoin after becoming nervous about the speculative craze in the cryptocurrency market, including the surge in meme-based tokens such as Dogecoin (DOGE). The foundation, which manages about $34 billion for high-net-worth clients and charities, began selling its holdings in cryptocurrencies in December 2020, when BTC/USD reached $25,000, the Sunday Times reported. Sales continued and the pair reached new highs in January 2021, above $40,000. Ruffer let his remaining bitcoin position run until April and generated $1.1 billion in revenue, an 83% return.

Dogecoin FUD

Ruffer’s successive bitcoin resets occurred at times when analysts were predicting a higher valuation of the leading cryptocurrency. For example, a JPMorgan report in January said the BTC/USD exchange rate could reach $146,000 as BTC competes with gold for the right to become the world’s primary inflation hedge. Guggenheim Partners’ chief investment officer Scott Minerd also called for a bitcoin price of between $400,000 and $600,000 and felt the cryptocurrency could put the gold market in a mousetrap in the long run. Ruffer has made it clear that it would see redemptions on bitcoin as insurance against inflation, and its chief investment officer, Duncan McInnes, told the Financial Times that it would assess the market situation from the outside, rather than from the trenches. But for now, bitcoin is too expensive to hold, McInnes agrees, especially now that Dogecoin, the joke-based cryptocurrency, is valued at $40 billion. He said: It’s hard to say if the foam is off. Dogecoin, a satirical parody of bitcoin, has had a wild ride in 2021, rising 15,337% year-over-year at one point. Supportive tweets from Tesla CEO Elon Musk were among the main catalysts for the dogecoin price rise, including a repost of a July 2020 meme describing the cryptocurrency taking the global financial system by storm. It’s inevitable – Elon Musk (@elonmusk) July 18, 2020 But retail enthusiasm began to wane in May after Mr Musk called dogecoin a scam on an episode of Saturday Night Live. The billionaire entrepreneur’s withdrawal caused a panic sale in the cryptocurrency market, suggesting that loss-making traders were trying to profit from the gains of still-profitable cryptocurrencies like bitcoin. The dogecoin immediately dropped 30% after Musk’s announcement. The 9th. In June, the cryptocurrency was trading more than 50% below its all-time high of $0.76. The classic head and shoulders model of dogecoin suggests a huge decline ahead. Source: TradingView You can clearly see that there is an increase in speculative behavior, McInnes said, pointing to bitcoin’s rise from $30,000 to nearly $65,000 amid a buying spree of dogecoin. However, he added that the boom in cryptocurrency benchmarks has at least some rationality behind it.

Bitcoin on the menu

Falling bond yields and the devaluation of fiat currencies have caused investors to lose their best traditional safe haven. The result was that their traditional 60/40 portfolio strategy wasn’t working, which led them to new, safe and uncorrelated investments like bitcoin. Bitcoin is trying to reclaim previous support waves (green and orange). Source: TradingView Dogecoin frenzy forces UK fund manager to offload $1.1 billion Bitcoin stash Ruffer has moved his funds into anti-inflationary assets that compete with bitcoin, including gold, inflation-linked bonds and commodity stocks. The company said it would keep cryptocurrencies on the menu in the future.A UK-based fund manager has taken the bitcoin plunge, giving up a huge chunk of his holdings to satisfy an increasingly active DOGE community. Paul Marshall, an executive at Fidelity International, confirmed this morning that he’d dumped the equivalent of $1.1 billion in bitcoin…over the weekend.. Read more about bitcoin and dogecoin prices soar and let us know what you think.

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