Observing the rise in Bitcoin's price, Harvard University adjusted its stance on this cryptocurrency and invested significantly in ETFs.
Harvard's Perspective on Bitcoin
In 2017, when Bitcoin reached a record high of $20,000, some experts, including Harvard Professor Kenneth Rogoff, predicted further declines. Rogoff asserted that the likelihood of falling to $100 was much higher than hitting $100,000. He noted, 'I think the probability of it hitting $100 is much higher than $100,000 in ten years.'
Harvard's Investment in Bitcoin
Despite previous predictions, today Bitcoin is trading above $118,000. Harvard University invested $116.7 million into Bitcoin ETFs, making them the 29th largest investor among 1,300 major investors. This investment has outpaced their stakes in companies like Nvidia and Google.
The Future of Bitcoin and Harvard
Harvard now also owns 1.9 million IBIT shares and is part of a growing group of universities actively investing in cryptocurrencies. Additionally, Brown University reports holding ETFs worth $13 billion.
Harvard's shift in position regarding Bitcoin highlights the volatility of the cryptocurrency market and the alignment of academic institutions with current financial trends.
