According to sources familiar with the matter, a number of Ivy League universities, including the University of Michigan Foundations, Brown, Yale, and Harvard, have been discreetly buying cryptocurrencies. According to reports, the well-known schools use exchanges such as Coinbase and other trading platforms.
According to a report by financial columnist Ian Allison, prominent university foundations have been quietly buying digital currency. The reporters said that “two sources” have stated that a number of well-known universities have bought digital currency from certain exchanges such as Coinbase.
The report notes that university foundations have been tacitly buying crypto assets from schools like Brown, the University of Michigan, Harvard, and Yale.
Allison points out that his sources say that “there are quite a few” university foundation programs that do this, and “a lot of foundations are allocating a little crypto right now.” The sources also stated that some of the colleges kept money on exchanges for at least a year and a half.
“It could be since mid-2019,” the source said Allison. “Most of them were in at least a year. I would think that they’ll probably discuss it publicly sometime this year. I suspect they’d be sitting on a couple of pretty bits of return. “
It has been known for some time that well-known universities buy Bitcoin (BTC) and crypto funds for charitable purposes. As early as February 2019, news.Bitcoin.com reported on the University of Michigan financial fund, which had invested in the Crypto Venture Capital Fund managed by Andreessen Horowitz.
In May 2019, sources familiar with the matter stated that Ivy League school Yale had invested in the Paradigm cryptocurrency fund. Yale’s foundation is now the second largest in higher education.
Colleges around the world have been involved with cryptocurrencies for a very long time, and high net worth individuals have regularly donated bitcoin and other crypto assets to popular universities. Numerous universities accept donations in digital currency or have crypto supporters who fund these schools.
Other schools that accept crypto and offer elective courses that teach blockchain technology include Stanford, MIT, Cornell, Puget Sound, and Princeton.
What do you think of university foundations like the University of Michigan, Brown, Yale and Harvard that buy crypto assets? Let us know what you think in the comments section below.
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