US Foundations and Universities Begin Accumulating Bitcoin Amid President Trump’s Crypto Promises
President Donald Trump’s pro-crypto sentiment is reportedly fueling the accumulation of Bitcoin (BTC) by US charities and universities. With promises to establish the United States as a crypto powerhouse, several prominent institutions are moving to embrace the digital currency.
Recently, a report suggested that Trump’s initiatives have motivated foundations and universities across the nation to acquire the top crypto asset by market cap. Among the institutions gaining exposure to Bitcoin are the University of Austin and Emory University located in Georgia. Additionally, The Rockefeller Foundation, known for its philanthropic efforts, is also considering increasing its holdings of crypto assets.
A spokesperson from The Rockefeller Foundation expressed their strategic vision, highlighting the potential future role of cryptocurrencies. They noted, “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 closely 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, the senior vice president for advancement at the University of Austin, shared the university’s stance on investing in crypto assets. He explained that the institution sees long-term value in cryptocurrencies similarly to other traditional asset classes, such as stocks or real estate. “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,” he stated.
The University of Austin, which opened its doors just last year, has set its sights on establishing a $5 million BTC fund, underscoring its commitment to integrating cryptocurrency into its investment portfolio.
However, not all institutions are quick to dive headfirst into the digital asset world. Some universities, such as the University of Nebraska, are adopting a more cautious approach. Brian Neale, the Chief Investment Officer of the University of Nebraska Foundation, mentioned that he does not plan to incorporate Bitcoin and cryptocurrencies into their investment strategy until clear regulatory guidelines are established and more institutions within the sector decide to invest in this burgeoning asset class.
This emerging trend among US foundations and universities signifies a growing acceptance and acknowledgment of the potential role of cryptocurrencies in the financial ecosystem. As regulatory frameworks continue to evolve, more educational and philanthropic organizations might find themselves drawn to the opportunities presented by these digital assets. The eventual outcome of these investments could potentially reshape the landscape of university and foundation endowments in the coming years.
