University accepts Bitcoin donations to fund crypto-related activities
Back in October 2021, The Campanile Foundation (TCF), an auxiliary of the San Diego State University (SDSU), accepted its first crypto donation. Now, the university announced that it is welcoming digital currency donations in Bitcoin (BTC) and Ether (ETH).
TCF Chief Financial Officer David Fuhriman said one percent of the total crypto holdings would be withdrawn quarterly to fund campus activities that aim to discover how the university could interact with crypto, such as working on a system that permits broader digital transactions within the university.
Meanwhile, the rest of the funds will be converted into BTC and will not be liquidated immediately, with hopes that the price will go up in the future and help more programs.
SDSU accepted the university’s first cryptocurrency donation this fall, opening the door to similar contributions in the future.
— San Diego State University (@SDSU) January 14, 2022
While the crypto market is volatile and holding the assets could lead to a potential loss, the university remains bullish. “If the value of bitcoin goes up, then this endowment could last forever,” Fuhriman said. The CFO underscored that they believe that holding could provide good long-term benefits for the SDSU.
The SDSU’s entry into the crypto space aims to attract other potential donors who are interested in supporting crypto-related programs in the university. Fuhriman also mentioned that it could also draw the attention of younger donors who might have unconventional perspectives when it comes to wealth creation.
While the SDSU is adamant about accepting crypto donations, organizations like Wikimedia and Mozilla are under fire because of it. A rising number of Wikimedia contributors are urging the nonprofit to stop accepting donations in cryptocurrency because of crypto’s negative impact on the environment. According to the proposal, the acceptance of crypto violates Wikimedia’s commitment to sustainability.
Mozilla faced a similar issue. After tweeting a reminder that the platform is accepting crypto donations, the organization faced backlash from its followers led by Mozilla’s co-founder Jamie Zawinski who thinks that the entire crypto industry only manufactures pollution and converts it into cash.