12:38Ivy League universities silently buying Bitcoin
Institutional investors are not the only ones gobbling Bitcoin. Several universities, including Harvard, Yale, the University of Michigan, and Brown University have been silently channeling their endowments to Bitcoin, CoinDesk reported.
Citing two anonymous sources familiar with the matter, the report noted these multi-billion dollar endowments have been going into digital assets for at least a year, with purchases made directly from Coinbase and other exchanges. One of the sources said:
This comes as no surprise since prominent U.S. exchange, Coinbase, made mention of university endowments in its annual report for 2020, even though names were not mentioned.
So far, Harvard has the largest university endowment with over $40 billion in assets. Yale, Michigan, and Brown have $30 billion, $12.5 billion, and $4.7 billion, respectively.
Such revelations further strengthen the narrative that Bitcoin and digital assets are going mainstream. Revealing its $150 million investment in Bitcoin, Nasdaq-listed Marathon Patent Group said that Bitcoin was a better long-term investment than the U.S. dollar.
|Total comments: 0|