Universities Becoming More Skeptical About Accepting Crypto Donations

Cryptocurrency and education have been gelling together recently since cryptocurrency has been experiencing increasing growth and also increasing interest in studying courses related to the field.
The offering of courses related to the blockchain and cryptocurrency industry has been on the increase of recent due to the available market to carve a niche for individuals.
While there has been an increase in the number of courses related to the blockchain and cryptocurrency in universities, handling cryptocurrency donations made successful alumni dicey.
Cryptocurrency donations to universities have been trending of recent, and the list of universities that have accepted it have increased while some are still wary of involvement with cryptocurrency and having issues of handling it.
A cryptocurrency donation to a person or an individual is a gift that would be received with every iota of cheerfulness and grateful expression; the contrast is the case for some endowment manager that has no idea of how to handle cryptocurrencies.
Issues related to receiving of cryptocurrency donations includes setting up of a suitable wallet to accept digital assets, selling them as quickly as possible, and the volatility associated with cryptocurrencies which most endowment managers do not want to be involved with. Dealing with these issues has caused the rejection of most cryptocurrency donations.
Meanwhile, a report by Bloomberg revealed that the University of Puget Sound, the University of California at Berkeley, the Massachusetts Institute of Technology, and Cornell University have been well involved in receiving an undisclosed number of cryptocurrency donations.
Notably, Harvard University is yet to be involved in accepting donations in cryptocurrency. Same with ivy league, Yale. However, a spokesperson of the institution noted that it had been tested, but it is not an active idea the school is presently pursuing.
David Swensen, Yale’s successful endowment manager, has been linked with investment in two funds focused on cryptocurrency and blockchain startups. So, Yale’s non-involvement in cryptocurrency gift acceptance is surprising.
An example of cryptocurrency donation to a university took place in 2014. This was donated by a blockchain wallet service provider co-founder, Nicolas Cary to the University of Puget Sound, a sum of 14.5 BTCs. The university had to change several of its endowment policies and engaged in a lengthy conversation of accepting such an unconventional donation. The institution sold it immediately, which made it missed out on about $95,000 of today’s worth of bitcoin.
In addition to cryptocurrency, universities have been involved in the rejection of gifts such as timeshares, paintings, and even areas of wetland, as issues of liquidation come to play.