In recent months, colleges and universities around the world have experienced a surge in cryptocurrency donations. Nine times out of ten, these donations come in the form of alumni goodwill donations. Certainly, there have always been cases where the donors wish to express their happiness for hitting a cryptocurrency jackpot. As a result, crypto donations are born. Crypto-asset investors will always remember 2017 as the year that many of them made life-changing fortunes. Unfortunately, many of these educational institutions in the U.S. turned down such donations.
A Crypto Donor Explains More
The Co-Founder of cryptocurrency platform Blockchain.com, Nicholas Cary, recounts his experience with his alma mater. Recently, Cary recalled that his donation of 14.5 BTC to the University of Puget Sound in Washington State became a stumbling block. The school fought shy of accepting his “strange donation.” The Bitcoin (BTC) enthusiast noted that he had to do some convincing before the school eventually accepted it. To his surprise, Cary noted that they were interested in learning how it works. It eventually led him to giving the recipients a long lecture.
Why Do Colleges Reject Cryptocurrency Donations?
Obviously, many colleges in the United States lack a process of receiving such influx of money. This is not strange, given that the cryptocurrency industry is in its infancy with not-so-high adoption rate and many dips and ups. The implication of this is that fewer alumni are likely to make donations alternative to the U.S. dollar. Even Ivy League schools, such as Yale and Harvard, once admitted that managing alumni donations was untraceable. So, Harvard has yet to receive such cryptocurrency donations. Additionally, Yale has revealed that it is yet to figure out the method of implementing them.
Some U.S. Educational Institutions Are Way Ahead
Despite the apparent rejection of digital asset donations, some schools stand out from the crowd. The University of North Carolina (UNC), Dartmouth College, Massachusetts Institute of Technology (MIT), and Stanford University are engaging in crypto related activities. Indeed, they have all invested in cryptocurrency funds from their endowments.
Overall, looking at the reason for the rejection of cryptocurrency donations, one could easily associate it to bad press. No doubt, the media has done cryptocurrency more harm than good. Sadly, the media tends to focus on its weakness rather than its strengths, such as drawing global attention to its volatility. For some reason, the government tax collecting agency, the Internal Revenue Service, has also made alternative currency look less attractive than fiat currency. However, all hope is not dashed yet. The reason being that the recent U.S. educational institutions’ adoption of cryptocurrency could just be the game changer to start shifting the perception.
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