More Institutional Investors Join the Bitcoin Train Amid New All-Time High Record

2020 continues to bring more institutional investors for Bitcoin (BTC), as Ruffer joins the trend. Ruffer Multi-Strategies Fund, a UK-based investment company, has earmarked 2.5% of its portfolio for Bitcoin. The company controls about $620 million in assets under management, putting its BTC investment of about $15 million.

The firm noted that the Bitcoin purchase is a “defensive move” and that it had lessened its exposure to gold (XAU/USD). Nonetheless, Ruffer still holds a large position in gold.

Ruffer’s Bitcoin investment is just one of many major BTC purchases in the past several months. One of the largest purchases, which probably served as a catalyst for others to follow, was from MicroStrategy.

The US-based intelligence company made three large purchases worth hundreds of millions of dollars. However, the most significant was its recent pledge of about $650 million from its convertible note sales, initiated for that very purpose. If MicroStrategy successfully pulls this off, it would bring the company’s total Bitcoin holdings to more than $1 billion.

Also, Jack Dorsey’s Square purchased $50 million worth of BTC in early October. Wall Street giant Guggenheim Partners filed a request with the US SEC, seeking permission to purchase about $500 million worth of BTC through one of its funds. Finally, Grayscale has recorded massive 2020 inflows thanks to its Bitcoin Trust, which has seen steady huge allocations from institutional clients.

Key BTC Levels to Watch — December 16

In what might have been unexpected for many, Bitcoin has finally broken through the $20,000 round figure in one fell swoop. The benchmark cryptocurrency hurriedly set a new all-time high at $20,900 before receding to the $20,700 area. That said, BTC will likely keep rallying in the meantime as FOMO traders rush to get a piece of the action.

Although the cryptocurrency is trading in uncharted territory, analysts have previously warned that the $21,050, $22.200, and $23,800 levels will be tough nuts to crack. Meanwhile, our support lie at the recently broken $20,558, $20,354, and $20,220 levels.

Total market capital: $600 billion

Bitcoin market capital: $385 billion

Bitcoin dominance: 64%

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