- The University of Austin (UATX) is preparing to launch its first class this fall with an innovative collaboration with the cryptocurrency platform Unchained to raise $5 million in Bitcoin (BTC) for its long-term fund.
- UATX views Bitcoin as an unprecedented chance to further its mission of developing future leaders and innovators, according to a Bloomberg report.
- A significant quote from Thomas Hogan, an incoming associate professor, emphasizes this sentiment: “Bitcoin provides a unique opportunity for advancing UATX’s commitment to cultivating future generations of leaders and innovators.”
The University of Austin partners with Unchained to raise $5 million in Bitcoin for its endowment, aiming to attract donors and leverage the digital currency’s long-term growth potential.
Bitcoin Integration
Thomas Hogan, an incoming associate professor at UATX, expressed excitement over the partnership with Unchained.
Bitcoin provides a unique opportunity for advancing UATX’s commitment to cultivating future generations of leaders and innovators.
This venture is supported by notable individuals such as Larry Summers, former US Treasury Secretary and President of Harvard University, historian Niall Ferguson, and venture capitalist Joe Lonsdale.
UATX co-founder and journalist Bari Weiss announced the university’s founding in 2021, emphasizing the need for an institution dedicated to fostering “intellectual freedom.” Larry Summers is a paid contributor to Bloomberg Television, and Niall Ferguson writes for Bloomberg Opinion.
President of UATX, Pano Kanelos, noted a rise in donor interest following discontent with other elite universities’ responses to conflicts like the Hamas attacks on Israel on October 7.
The university had already amassed nearly $200 million by the end of last year, indicating robust initial support for its vision.
Unchained To Manage BTC Holdings
According to the Bloomberg report, UATX’s decision to hold Bitcoin in its endowment was driven by requests from its supporters interested in cryptocurrency donations. By maintaining these BTC holdings for at least five years, UATX aims to capitalize on Bitcoin’s long-term value.
Established in 2016, Unchained will oversee the management of UATX’s Bitcoin assets. Unchained currently manages over $6 billion worth of Bitcoin, bringing significant expertise to ensure the secure handling of the university’s cryptocurrency.
Bitcoin, which has surged by more than 60% this year, is now trading around $69,970. This growth trend has continued with a 1.6% increase in the past 24 hours and more than a 3% rise over the past week.
The move by UATX may set a precedent for other universities considering Bitcoin as a potential long-term investment. By incorporating BTC, universities can benefit from its growth, introduce new payment methods for students, and support innovation in the cryptocurrency sector.
Conclusion
UATX’s collaboration with Unchained demonstrates a progressive approach to endowment management, embracing Bitcoin’s potential and attracting like-minded donors. This initiative not only aligns with the university’s mission to foster innovation but also positions it as a pioneer in integrating cryptocurrency into traditional financial systems. Future developments will determine if other institutions will adopt similar strategies, potentially reshaping long-term investment landscapes in academia.
