Cryptocurrencies are not only becoming a sought-after asset for financial giants but also for universities. Yale was one of the first few universities to join in the crypto bandwagon when it invested in Paradigm fund. In an announcement on the 10th of October Harvard, MIT and Stanford have shown interest or already have invested in cryptocurrency and crypto related projects.
According to the report, almost all major Ivy League universities have vested interests in cryptocurrency.
Journalist Jon Victor explained in ‘The Information’ report-
“A move by endowments into funds that will directly bet on cryptocurrencies signals a major shift in investor sentiment toward the asset class, in the same way that institutions over the past decade became more willing to invest in private tech companies. Backing from such closely watched institutions could help validate cryptocurrencies, which are still considered too risky by many institutional investors.”
Universities are looking at using their endowment fees for investing in crypto related assets. Harvard controls the largest endowment with close to $39.2 billion at the end of the 2018 fiscal year. Yale University controls the second largest endowment at $29.4 billion.
Universities showing interest in cryptocurrencies prove that institutional investors have already accepted cryptocurrencies. Out of the many institutional investors, universities prove to be a positive sign that cryptocurrencies are trustworthy for a long-term viewpoint. Especially Harvard and Yale given their billions of dollars worth of capital.
Universities are already paying close attention to cryptocurrency related courses offering Blockchain guides and smart contract courses. Many institutions have also started research in the crypto finance field such as Cambridge University. It’s also been noted that the Swiss university Lucerne even accepts Bitcoin as payment for tuition fees.
A herd of institutional investors was predicted to be the reason for the next Bitcoin Bull market, according to Bitcoin bull Mike Novogratz. Novogratz made these predictions in an interview with CNBC Africa’s Crypto Trader at the Beyond Blocks Conference in South Korea. It looks like the herd will be top league universities as is the case currently taking place.
Image Source – Pixabay
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