As the adoption of Bitcoin experiences a rapid increase, it is making its way into institutional investment portfolios. The University of Austin (UATX), a newly established private institution situated in the state of Texas, is looking to transform the landscape of education by embracing Bitcoin as a payment method.

Reports from Bloomberg reveal that Austin University plans to receive donations in Bitcoin, accumulating them to form a $5 million Bitcoin fund. The university has forged a partnership with Unchained, a cryptocurrency platform, for this endeavor.

The Bitcoin fund created by the University of Austin, which is set to welcome its inaugural batch of students this autumn, intends to hold BTC assets for the long run.

A statement from Thomas Hogan, an associate professor at the University of Austin, highlighted the significance of integrating Bitcoin into the institution's endowment. Hogan emphasized that this move by the University of Austin could inspire other academic establishments to delve into alternative and potentially more resilient financial strategies. He underscored that Bitcoin presents a distinctive opportunity to reinforce UATX's dedication to nurturing the upcoming generation of leaders and innovators.

A representative from the University of Austin disclosed that the institution plans to retain Bitcoin in the fund for a minimum of five years. The decision to opt for BTC was influenced by the inquiries from numerous supporters regarding the university's stance on accepting cryptocurrency donations.

In a statement, Joseph Kelly, the CEO and co-founder of Unchained, expressed his enthusiasm for the initiative undertaken by UATX in Austin. Kelly commended the university's choice of partnering with Unchained, emphasizing that the university truly comprehends the essence of Bitcoin. He pledged to continue advocating for Bitcoin as 'a technology for freedom.'

The university's goal for the upcoming fall semester is to enroll 100 students, offering free education to the first cohort.

*Disclaimer: This content does not provide investment advice.