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British fund manager Ruffer Investment Management last month made a bet on bitcoin now worth around 550 million pounds ($745 million), a spokesman for the company told Reuters, in one of the largest signals of rising institutional interest in the digital currency this year.

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The allocation by Ruffer, which managed 20.3 billion pounds ($27.3 billion) in assets at end-November on behalf of more than 6,500 investors globally, “acts as a hedge to some of the risks that we see in a fragile monetary system and distorted financial markets,” the spokesman said via email.

The allocation was made through a third-party manager, and represents around 2.7% of Ruffer’s total assets, he added.

Bitcoin has soared by 170% this year as investors see in the cryptocurrency a hedge against the risk of inflation as governments and central banks turn on the stimulus taps, and a digital payment method that promises to go mainstream.

Read the full article on Reuters here.