Cryptocurrency

University Accepts Bitcoin Donations to Fund Crypto-Related Activities

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Back in October 2021, the Clocktower Foundation (TCF), an affiliate of San Diego State University (SDSU), accepted its first cryptocurrency donation.Now, the university Announce It welcomes digital currency donations in Bitcoin (bitcoin) and ether (Ethereum).

TCF Chief Financial Officer David Fuhriman said that 1% of crypto assets will be withdrawn each quarter to fund campus activities aimed at exploring how universities can interact with crypto, such as developing a system that would allow wider digital transactions within the university.

At the same time, the rest of the funds will be converted into BTC and will not be liquidated immediately, hoping that the price will rise in the future to help more projects.

While cryptocurrency markets are volatile and holding assets can lead to potential losses, the university remains bullish. “If the value of bitcoin goes up, then this donation could go on forever,” Fuhriman said. The CFOs emphasized that they believe holdings can provide good long-term benefits for SDSU.

SDSU’s entry into the crypto space is aimed at attracting other potential donors interested in supporting crypto-related projects at the university. It can also draw the attention of younger donors, who may have unconventional views on wealth creation, Fuhriman also mentioned.

related: Green and Gold: Crypto Projects That Save the Planet

While SDSU insists on accepting cryptocurrency donations, organizations like Wikimedia and Mozilla have come under fire for it.A growing number of Wikimedia contributors are urging nonprofits Stop accepting cryptocurrency donations Because of the negative impact of encryption on the environment. According to the proposal, accepting cryptocurrencies violates Wikimedia’s commitment to sustainability.

Mozilla faced a similar problem. After Twitter alerted that the platform was accepting cryptocurrency donations, Organizations face backlash Its followers are led by Mozilla co-founder Jamie Zawinski, who believes that the entire crypto industry will only create pollution and turn it into cash.