Bitcoin Whale Surfaces With $1 Billion and Alan Howard's Backing
Comment of the Day

December 16 2020

Commentary by Eoin Treacy

Bitcoin Whale Surfaces With $1 Billion and Alan Howard's Backing

This article by Erik Schatzker for Bloomberg may be of interest to subscribers. Here is a section:


Peters was wary of triggering a spike in the prices of Bitcoin or Ether. He described executing his trades as inconspicuously as possible and finishing all the buying in November before Bitcoin hit $16,000.
Another investor with One River Digital is Ruffer LLP, the U.K. investment firm known for its bets on market volatility.

Ruffer on Tuesday disclosed a 2.5% position in Bitcoin in one of its funds, describing it as “a small but potent insurance policy against the continuing devaluation of the world’s major currencies.”

Eoin Treacy's view

This kind of fund “promotion” falls into the same bracket of market manipulation that Bill Gross and Warren Buffett perform. Buy first then talk loudly to journalists about what a great idea it is to invest in it. It’s highly effective because copycats will always be interested in what the luminaries of the investment world think and are doing with their own money.

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