The University of Austin (UATX) is joining forces with cryptocurrency platform Unchained to create a $5 million Bitcoin endowment fund.
Bitcoin as a Unique Opportunity
UATX believes Bitcoin is a great way to support its mission of educating future leaders and innovators. Incoming professor Thomas Hogan says it provides a “unique opportunity” to advance this goal.
Backers and Supporters
UATX’s backers include former US Treasury Secretary Larry Summers, historian Niall Ferguson, and venture capitalist Joe Lonsdale. The university has also seen a surge in interest from donors who were unhappy with how some “elite universities” responded to the Hamas attacks on Israel.
Unchained’s Role
Unchained, which manages over $6 billion in Bitcoin, will handle UATX’s Bitcoin holdings. This partnership ensures that the university’s cryptocurrency assets are handled securely and professionally.
Bitcoin’s Growth and Potential
Bitcoin has grown by over 60% this year and is currently trading at around $69,970. UATX believes holding Bitcoin for at least five years will allow it to benefit from its potential long-term value and growth.
Implications for Other Universities
It remains to be seen whether other universities will follow UATX’s lead in embracing Bitcoin. However, holding Bitcoin can provide universities with financial benefits, payment options for students, and support for the cryptocurrency industry.
