Ruffer Investment Company has revealed to its shareholders in a Performance Update & Manager Comment that it has made a new allocation to bitcoin.

The investment company said it decided to allocate 2.5% of its Multi-Strategies Fund to bitcoin in November to reduce its exposure to gold.

“One recent addition, via one of the specialist managers appointed within the Ruffer Multi-Strategies Fund, has been bitcoin. This is primarily a defensive move, one made in November after reducing the company’s exposure to gold,” the company said.

The company is opting for bitcoin to diversify its investment which is largely in gold and inflation-linked bonds and a way of protecting itself against financial loss.

“Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see,” the company added.

Bitcoin jumps to 19,853.366 in current price, adding by 2.71% in the last 24 hours. Within 24 hours, bitcoin dropped to only $19,252.22 low and $19,874.28 high. The trading volume of bitcoin in the last 24 hours is $22.58B. The current market capitalization of bitcoin is $368.42B. Currently, 18,572,562.5 bitcoins is in circulation.

Stats and Image from Coin Desk

Ruffer went further to say that the move is an insurance policy against fiat currencies that are continually losing value.

“We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,” the company said in the report.

Ruffer which manages assets of about £20.3 billion for around 6,600 clients worldwide, mainly individuals and families, pension funds and charities is one of the large traditional financial institutions that has invested in bitcoin.