Top Universities Invest “Tens of Millions of Dollars” in CryptoOct 11, 2018 at 22:30
At least five universities have poured funds in a crypto fund.
The Information reported that the endowments of Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology and the University of North Carolina have made investments into at least one cryptocurrency fund.
University endowments including Harvard and Stanford have invested in crypto.https://t.co/p1607CMUt0
— The Information (@theinformation) October 10, 2018
The unidentified source in the article said the endowments easily reach “tens of millions of dollars” in such funds —both physical digital token and and equity in cryptocurrency firms.
“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,” the report read.
“Backing from such closely watched institutions could help validate cryptocurrencies, which are still considered too risky by many institutional investors,” it added.
For a long time, large institutions have been aloof with putting their money in cryptocurrency. This detachment derives from the widespread lack of technical knowhow on the technology and the volatility in crypto markets.
But as Disruptblock earlier reported, institutional buyers can now shell out a minimum of $100,000 in buying crypto coins in a single private sale, belittling the purchasing appetite individual high profile investors have for crypto.
Adding to the factors that led to this development is the welcoming of universities of cryptocurrency in their curricula. And not only does the academe treat these courses at par with business administration and economy degrees; cryptocurrency and blockchain courses, as reported by Disruptblock, have jumped in popularity.