Elite universities of the USA invest in cryptocurrency

28.10.18 20:50
ICO

Universities not only introduce cryptocurrency courses to their curriculum but also invest in different crypto projects. On 5 October, Blumberg published an article that Yale University chose Paradigm fund as an object for investments. The support of the university helped the project collect $400 million.

The Ivy League school is one of few educational institutions that finance digital money innovations.

The chief investment officer of Yale University is David Swensen, a leading investor who managed to attain $8 billion for the endowment of the school in the first ten years of work in the post.

According to cryptoanalysts, some colleges have long been interested in crypto investments but did not dare to act so far any large institution does it first. Yale University’s investment has become that trigger.

On 10 October, The Information media company announced that a number of US universities also made investments into crypto funds. The source named such institutions as Harvard University, Stanford University, Massachusetts Institute of Technology, Dartmouth College, and University of North Carolina.

It is not yet known many details about these ventures. Among possible investment funds, there may be companies that develop crypto technologies, support other projects, or hold cryptocurrency immediately.

Although it is about tens of millions of dollars, it is just a small percentage of a financial endowment of the universities. Therefore, this activity should not be considered as a prediction of rising cost of cryptocurrency.

However, cooperation between universities and crypto companies promote the legitimization of digital money.

Meanwhile, more and more educational institutions are starting to accept cryptocurrency for their services. Students’ debit cards of The Georgia Institute of Technology support Bitcoin, so holders of such cards can buy goods for the cryptocurrency. Varna University of Management in Bulgaria offers students to receive a scholarship in Bitcoin equivalent of €1,000. King’s College in New York accepts BTC for tuition and as a donation.

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