As Bitcoin adoption continues to skyrocket, it has begun to find its way into institutional funds. At this point, the University of Austin (UATX), a new private institution located in the US state of Texas, aims to revolutionize the education sector by accepting Bitcoin as a form of payment.
According to Bloomberg, Austin University will accept the donations it will collect in Bitcoin and will create a $ 5 million Bitcoin fund with these donations and has partnered with Unchained, a cryptocurrency platform, for this.
The Bitcoin fund created by the University of Austin, which is expected to enroll its first group of students this fall, will hold BTCs for the long term.
Thomas Hogan, an associate professor at the University of Austin, said in his statement:
“By incorporating Bitcoin into its endowment, the University of Austin is setting a precedent for other academic institutions to explore alternative and potentially more resilient financial models.
“Bitcoin provides a unique opportunity to further UATX's commitment to developing the next generation of leaders and innovators.”
A spokesperson for the University of Austin said it will keep Bitcoin in the fund for at least five years. He noted that among the reasons why the university chose BTC was that many of its supporters asked whether it would accept donations in cryptocurrency.
Unchained CEO and co-founder Joseph Kelly said in his statement: “I'm passionate about what UATX is building in Austin. By choosing Unchained as a partner, the university understands what Bitcoin is: That's why I will continue to champion Bitcoin as 'a technology for freedom.'” said.
The university plans to enroll 100 students this fall and will provide free education for the first group.
*This is not investment advice.