Dogecoin frenzy forces UK fund manager to offload $1.1-billion Bitcoin stash
Cointelegraph
Published Jun 09, 2021 07:30AM ET
Updated Jun 09, 2021 09:20AM ET
United Kingdom-based fund manager Ruffer liquidated its $600-million Bitcoin (BTC) bet after growing nervous about the speculative frenzy in the cryptocurrency market, including huge rallies in meme-based tokens such as Dogecoin (DOGE).
The fund, which manages roughly $34 billion for wealthy clients and charities, started selling its cryptocurrency stash in December 2020, when the BTC/USD exchange rate rose to $25,000, the Sunday Times reported.
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Written By: Cointelegraph
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