The University of Austin (UATX), which is set to welcome its inaugural class this fall, has embarked on a new project through a collaboration with cryptocurrency platform Unchained. Their common goal is to raise $5 million in Bitcoin (BTC) to contribute to the UATX Long-Term Fund.
According to Bloomberg a reportUATX sees Bitcoin as a unique opportunity to advance its goal of “raising future generations of leaders and innovators.”
Bitcoin integration
Thomas Hogan, a new associate professor at the University of Austin, expressed his enthusiasm for the partnership, saying the following:
Bitcoin provides a unique opportunity to advance UATX's commitment to cultivating future generations of leaders and innovators.
The university's supporters in this project include Larry Summers, former US Secretary of the Treasury and President of Harvard University, historian Niall Ferguson, and Capital project Joe Lonsdale.
Journalist Barry Weiss, one of the founders of UATX, revealed the university's plans in 2021, highlighting the need for a new institution dedicated to promoting “intellectual freedom.” It is worth noting that Larry Summers is a paid contributor to Bloomberg Television, while Niall Ferguson contributes to Bloomberg Opinion.
UATX President Pano Canellos revealed that the university had seen an increase in interest before Donors Who were dissatisfied with the reaction of some “elite universities” to the Hamas attacks on Israel on October 7.
As of late last year, UT Austin had already raised nearly $200 million, indicating strong early support for the institution's vision.
Unrestricted to manage BTC holdings
According to the report, the decision to incorporate Bitcoin into the UATX endowment stems from requests from several of its supporters, who inquired about the university accepting cryptocurrency donations. By holding Bitcoin in its fund for a minimum of five years, UATX recognizes the digital currency's potential value and long-term growth..
Unchained, founded in 2016, will facilitate the management of UATX's Bitcoin holdings. With over $6 billion worth of Bitcoin under its management, Unchained is expected to bring expertise to the partnership and ensure the secure handling of university files. Cryptocurrency assets.
Bitcoin, which has grown more than 60% this year, is currently trading at approximately $69,970. Its bullish momentum is confirmed by a price increase of 1.6% in the past 24 hours and more than 3% in the past seven days.
It remains to be seen whether more universities will follow UT Austin's lead in adopting Bitcoin as a long-term investment. By holding Bitcoin, universities can benefit from its growth, facilitate payment options for students, and support adoption and innovation in the cryptocurrency industry.
Featured image from Shutterstock, chart from TradingView.com