Other notable universities invest in cryptocurrency, following Yale's investment move.
Following Yale's investment decision in cryptocurrency, other notable universities are reported to have also started investing in cryptocurrency. Among them are Harvard University, Stanford University, Massachusetts Institute of Technology (MIT), University of North Carolina, and Dartmouth College.
According to a reliable anonymous source, these universities have invested tens of millions dollars in cryptocurrency funds through their respective endowments. The funds will then be invested in both physical crypto and equity in various crypto firms.
Despite their investment decision, the universities are said to have very minimum exposure to crypto. That said, such move is still considered as an engagement to cryptocurrency, thus it will have a positive impact towards the crypto space.
Quoting Jon Victor, The Information's journalist who first reported it, "A move by endowments into funds that will directly bet on cryptocurrencies signals a major shift in investor sentiment toward the asset class... Backing from such closely watched institutions could help validate cryptocurrencies, which are still considered too risky by many institutional investors."
Recalling to the prediction of Mike Novogratz, the billionaire, a couple of months ago when he said, "'Herd of institutional investors' is coming," this may be a "fulfillment" to that.
Ari Paul, the crypto fund manager at the University of Chicago's endowment once said that many institutions already showed an interest in crypto investment, but they were still waiting for big names, such as Yale to "make the first move" to "excuse" themselves to do so, as reported by CCN.
It seems like the institutional investors are showing more "faith" towards cryptocurrency these days, which is something that almost everyone in the crypto space has been looking forward to.
Interestingly, a study by Fundstrat found that crypto enthusiasts on Twitter have become bearish towards crypto, compared to the institutional investors.