Reports show that some of America’s largest universities have purchased cryptocurrencies for their billions of dollars in donations.
According to reports, numerous large US donations from universities such as Harvard, Yale, Brown University and the University of Michigan are purchasing cryptocurrency on exchanges.
University donations traditionally consist of money or other financial assets such as crypto donated to academic institutions.
Coinbase raised the issue
In the report in Bloomberg, it was stated that Coinbase talked about donations among customers who invested in crypto money this month.
When asked for more details about how long the investments have been taking place, the anonymous source said:
“It could have been since mid 2019. Most of them are at least a year. I think they will probably discuss this publicly at some point this year. ”
Institutions and now universities are turning to cryptocurrency
University donations have a specific legal structure aimed at maintaining a pool of investments for a specific purpose indefinitely, and crypto assets have been the best performers so far this year.
Harvard is the largest university foundation with assets of more than $ 40 billion, while Yale holds $ 30 billion, Michigan holds about $ 12.5 billion and Brown holds $ 4.7 billion. How much of this is in crypto assets is unknown, but it’s likely a small part.
Bloomberg noted that in recent months institutional investment has had a huge impact on bitcoin prices, citing especially big investors like Guggenheim Partners LLC and Paul Tudor Jones who have helped boost interest and set a precedent.