• Endowment funds of Ivy League universities are buying Bitcoin on Coinbase.
• The endowment accounts of the prestigious universities are at least 1-year-old.

A report from Coindesk claims that numerous prestigious universities in the United States have purchased Bitcoin. No later than mid-2019, Ivy League universities Harvard, Brown, Yale and others opened accounts with the most popular American cryptocurrency exchange Coinbase.

Coinbase served as an intermediary for the BTC purchases made by the above-mentioned universities through their endowment funds. One of the sources of the report stated:

There are quite a few. A lot of endowments are allocating a little bit to crypto at the moment.

In total, the endowment funds of elite universities exceed $100 billion. Harvard has about $40 billion in assets, followed by Yale with $30 billion, the University of Michigan with $12.5 billion and Brown with $4.7 billion. The money is invested by the universities to support scientific research and other academic activities. One of the sources specified the following:

It could be since mid-2019. Most have been in at least a year. I would think they will probably discuss it publicly at some point this year. I suspect they would be sitting on some pretty nice chunks of return.

A shift in the approach to Bitcoin

The report quotes BlockTower Capital co-founder Ari Paul. Previously, Paul was an investment manager for a prestigious university and claimed that institutions, including Ivy League Universities, have shifted their view toward Bitcoin. He adds that most are comfortable buying the cryptocurrency on regulated platforms such as Coinbase, Anchorage, or Fidelity.

Other sources cited by Coindesk, apparently knowledgeable on investment hedge fund management, predict the advent of a “big shift.” The source said:

We are seeing defined benefit pension plans getting close to making allocations. We are seeing public pension plans getting close to making allocations.

The investment of endowment funds in BTC from Ivy League Universities have been considered highly bullish on the cryptocurrency community. These institutions join the long list that has adopted BTC as an investment asset and, according to several community members, is a precedent that will lead to the full adoption of the cryptocurrency by all U.S. university endowment funds.

In addition to Bitcoin, these universities and their representatives have been actively involved in the development of crypto projects. Within the DeFi ecosystem, the Harvard Law School organization has been verified as a delegate in the governance of the Uniswap protocol.

The inventor of the protocol, Hayden Adams, stated that this is one of four academic groups that is involved with Uniswap governance. The other groups include UC Berkeley, Stanford University, and UCLA.

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