At least five well-known universities, including Harvard, Stanford and MIT, have invested in cryptocurrency funds. Albeit not too impressive in scale, this xapital injection marks the evolving trend for gradual increase of institutional investment in the cryptocurrency sector.
According to recent reports, Harvard University, Stanford University, Massachusetts Institute of Technology, Dartmouth College and University of North Carolina have each invested in at least one cryptocurrency fund.
The total amount invested equals to tens of millions dollars, as reported by a source familiar with the matter cited by The Information outlet. The investments were made both in cryptocurrencies proper and blockchain companies.
This move on the part of institutional investors has long been predicted by cryptocurrency investors and analysts such as Mike Novogratz, who foresaw it in the prospect of the next bitcoin bull market. Ari Paul, a cryptocurrency fund manager and a former portfolio manager at the University of Chicago’s endowment, said in April that he believed that a number of institutions were interested in investing in cryptocurrency but were waiting for major names such as Yale to make the first move so that they would have an “excuse” to do so themselves.
It is also worth noting, that according to a recent survey by Fundstrat, the majority of large institutional asset holders believe that bitcoin price reversal is to come in the nearest future with 57% of respondents being sure that bitcoin price is likely to reach $15 000 by the end of this year.