President Donald Trump’s pro-crypto sentiment is reportedly fueling the accumulation of Bitcoin (BTC) by US charities and universities.
According to a new report by The Financial Times, Trump’s promises to make the US a crypto powerhouse have triggered foundations and universities in the nation to gobble up the top crypto asset by market cap.
[adinserter block="1"]Notable schools that are getting exposure to the flagship digital asset include the University of Austin and Emory University in Georgia. Meanwhile, the philanthropy group The Rockefeller Foundation is also mulling increasing its stash of crypto assets.
Says Chun Lai, The Rockefeller Foundation’s CIO,
“We don’t have a crystal ball on how cryptocurrencies will become in 10 years. We don’t want to be left behind when their potential materializes dramatically…
The crypto space is associated with the artificial intelligence space and the level of digitization of the economy. [Cryptocurrencies] can be useful if the economy becomes more [digitized].”
Chad Thevenot, senior vice president for advancement at the University of Austin, says the university views investing in crypto assets the same way it sees investing in other asset classes.
“We think there is long-term value there, just the same way that we might think there is long-term value in stocks or real estate.”
The University of Austin – which opened its doors just last year – is raising a $5 million BTC fund.
However, other universities such as the University of Nebraska, are taking a more heedful approach to digital assets.
Brian Neale, CIO of the University of Nebraska Foundation, says that he does not plan to jump into Bitcoin and crypto until clear rules of the road are established and more of his counterparts decide to invest in the asset class.
“I think this administration has the power to move things in that direction. But I don’t think just the president of the United States issuing his own cryptocurrency is really going to be the catalyst that it’s going to move things to the mainstream.”
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