With all the doubts regularly cast upon cryptocurrencies and blockchain in general, it is eyebrow-raising to hear that institutions such as Harvard, Stanford, Dartmouth College, MIT, University of North Carolina, and the University of Michigan are investing portions of their endowments in top coins in the market. Eyebrow raising because one has to question whether established institutions intend to halt the progress of top cryptocurrencies while they make decisions to enter the market. The fact that major institutions keep these investments under wraps is even laughable as many of them go back on their critiques of cryptocurrencies and blockchains from years past. Even though it’s humorous to see these titans join the market after years of lambasting it, it is overall great news to those who have hedged bets and invested money over the past decade.
According to CNBC, Yale’s CIO, David Swensen, has invested in two crypto funds, run by Andreessen Horowitz and Paradigm which was created by CoinBase co-founder, Fred Ehrsam and past Sequoia Capital partner Matt Huang. Historically, university endowments were major players in the rise of venture capital firms, private equity, and hedge funds as investment classes, and now it looks like they will play their hand in adding strength to the cryptocurrency market as well!
In more general news, as we enter February, Bitcoin dropped to $30k while Ethereum hit an all-time high on Monday. We predict Bitcoin to rise again in the coming month but detractors to the latest bull market cast doubts on investors.
