The University of Austin (UATX), set to welcome its inaugural class this fall, has embarked on a new venture by collaborating with cryptocurrency platform Unchained. Their joint goal is to raise $5 million in Bitcoin (BTC) to contribute to UATX’s long-term fund.
According to a Bloomberg report, UATX sees Bitcoin as a unique opportunity to advance its goal of “cultivating future generations of leaders and innovators.”
Bitcoin Integration
Thomas Hogan, an incoming associate professor at the University of Austin, expressed enthusiasm for the partnership, stating the following:
Bitcoin provides a unique opportunity for advancing UATX’s commitment to cultivating future generations of leaders and innovators.
The university’s backers in this venture include Larry Summers, former US Treasury Secretary and Harvard University president, historian Niall Ferguson, and venture capitalist Joe Lonsdale.
Journalist Bari Weiss, one of the founders of UATX, unveiled the plans for the university in 2021, highlighting the need for a new institution dedicated to fostering “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 Kanelos revealed that the university witnessed a surge in interest from donors who were dissatisfied with the response of certain “elite universities” to the Hamas attacks on Israel on October 7.
As of late last year, the University of Austin had already raised nearly $200 million, indicating strong early support for the institution’s vision.
Unchained To Manage BTC Holdings
Per the report, the decision to incorporate Bitcoin into UATX’s endowment stems from the requests of many of its supporters, who inquired about the university’s acceptance of cryptocurrency donations. By holding Bitcoin in its fund for a minimum of five years, UATX recognizes the digital currency’s potential long-term value and 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 the university’s cryptocurrency assets.
Bitcoin, which has grown by over 60% this year, is currently trading at approximately $69,970. Its upward momentum has been reaffirmed with a 1.6% price increase in the past 24 hours and over 3% in the past seven days.
Whether more universities will follow the University of Austin’s lead in embracing Bitcoin as a long-term investment remains to be seen. By holding BTC, universities can benefit from its growth, facilitate payment options for students, and support the adoption and innovation within the cryptocurrency industry.
Featured image from Shutterstock, chart from TradingView.com