A day when Institutional giants welcome cryptocurrency with open, warm arms that will be the day that the virtual assets will be truly accepted into our financial eco-system. While the cryptocurrencies are facing a bearish market, all is not bad news as the market is able to invite much of institutional investors. Most recently, a $30 billion endowment, Yale stepped onto the cryptocurrency wagon and now Harvard, Stanford, and MIT join the brigade as well.
According to a report published on Oct. 10, the aforementioned institutes have shown interest or have already invested in cryptocurrency and crypto-related projects through their substantial endowments. The source quoted by the publishing opted to remain anonymous stated that almost all major Ivy League have ventured into the Crypto- space and have invested in at least one cryptocurrency fund. The list also includes Dartmouth College and the University of North Carolina.
Ivy League Schools are known for there diverse take on the endowment portfolios, from the Real estate to bonds. Just last week report of Yale investing in the Paradigm fund made the rounds. The source further stated that the participation from all these endowments is a “sign of the asset class growing acceptance among institutional investors.”
While some of the financial giants like the Goldman Sachs, Citigroup, and Morgan Stanley have ventured into the market, major still remain cautious and suspicious about the capabilities of the digital assets. Given the billions of dollars worth of capital commanded by major endowments, especially Harvard and Yale, the top two universities by endowment money in the U.S. this new interest could open new horizons for the cryptocurrency in terms of mainstream adoption, ending or reversing the 2018’s bearish cycle.
Notably, Harvard commands $39.2 billion in endowment for the 2018 fiscal period, reportedly, Each of the university mentioned falls within the top twenty-five in terms of endowment capital, with Stanford and MIT making up the fourth and sixth wealthiest, respectively. By investing in cryptocurrency and blockchain projects the institutes also open doors for crypto-based coursework as an attractive proposition for tech and business-minded students.
Read more: South Korea Launches A $90 Million “Blockchain Technology Development Strategy” Course
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