An asset manager nicknamed ’50 Cent’ made $1.1 billion on bitcoin in 5 months – and could place more crypto bets in the future

An asset manager nicknamed ’50 Cent’ made $1.1 billion on bitcoin in 5 months – and could place more crypto bets in the future

An asset manager nicknamed "50 Cent" made a $1.1 billion profit on bitcoin in the space of five months, . Ruffer - a London-based firm that boasts $32 billion of client assets - plowed around $600 million into bitcoin last November, when the cryptocurrency was trading below $20,000. It cashed out some of its coins after they doubled in value in December and early January, then sold the rest in April as their price approached record highs of over $60,000. Hamish Baillie, an investment director at Ruffer, told The Sunday Times that stimulus checks have fueled some of the recent demand for crypto. He also suggested that younger people's interest in digital coins could falter as lockdowns end and economies reopen. Moreover, Baillie predicted that institutions will keep buying bitcoin and embrace it as an alternative haven asset for their portfolios. Future bets by Ruffer on the coin are "certainly not off the menu," he added. The Ruffer executive called out "hyperbole and misinformation" around bitcoin's , which recently spurred Tesla CEO Elon Musk to of the coin as payment for its cars. Baillie also underscored the "huge social benefits" of bitcoin in countries such as Venezuela, where runaway inflation