A handful of UK wealth managers have begun to adopt Bitcoin as a viable asset within diversified investor funds, but others dismiss investment in the cryptocurrency as "speculative", high-risk and having no place in client portfolios.
Following the extreme price surge seen at the end of 2017, when Bitcoin exceeded $20,000 for the first time, an overwhelming majority of UK wealth managers shunned cryptocurrency exposure as an appropriate investment for client portfolios. With the exception of continued bouts of wild volatility, much has changed in the time since, with growing institutional adoption and the price ballooning past $40,000. Ruffer Investment Management's exposure to Bitcoin now totals around £550m, equivalent to around 2.7% of total AUM, the firm told Investment Week. Meanwhile, Waverton Investmen...
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