The University of Austin (UATX), a new private institution located in Texas, has announced its acceptance of Bitcoin as a form of payment and its creation of a long-term fund. This move comes as Bitcoin adoption continues to rise and finds its way into institutional funds.
According to Bloomberg, the University of Austin will accept Bitcoin donations and partner with the cryptocurrency platform Unchained to create a $5 million Bitcoin fund. This fund will hold BTC for the long term and will be used to support the university’s commitment to developing the next generation of leaders and innovators.
Thomas Hogan, an associate professor at the University of Austin, stated that incorporating Bitcoin into the university’s endowment sets a precedent for other academic institutions to explore alternative financial models. He believes that Bitcoin provides a unique opportunity for the university to further its mission.
A spokesperson for the University of Austin confirmed that Bitcoin will be kept in the fund for at least five years. The decision to accept BTC was influenced by the university’s supporters who expressed interest in donating cryptocurrency.
Joseph Kelly, CEO and co-founder of Unchained, expressed his excitement about the partnership with the University of Austin. He believes that the university’s choice to embrace Bitcoin demonstrates its understanding of the technology’s potential and its commitment to freedom.
The University of Austin plans to enroll its first group of students this fall, with 100 students expected to join. The university will offer free education to this initial group.
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