- SDSU is now openly accepting bitcoin donations.
- In October, a bitcoin donor convinced the university to accept ongoing donations in P2P money and keep most of them.
- Only 1% of donations will be used each quarter to explore Bitcoin opportunities for SDSU.
San Diego State University is now accepting bitcoin donations after a former undergrad donated about $25,000 worth of BTC in October and pleaded for the school to continue accepting donations. money between peers.
SDSU said in a statement that the Campanile Foundation, an official tax-exempt auxiliary to the university dedicated to increasing private funding for SDSU, has created an endowment fund to coordinate the new donation vehicle, the Montezuma. & Satoshi Cryptocurrency Endowment, after the first bitcoin donor. requested continued acceptance of bitcoin donations.
“The Donor envisions a future where donors and students understand the value and usefulness of bitcoin and other cryptocurrencies to support SDSU, including receiving and spending on campus,” said Rajah Gainey, Associate Director of the Office of University Relations and Development (URAD). of the housing administration, according to the statement.
SDSU said the donor also instructed the university to keep his donations in bitcoin instead of instantly converting them to cash in an effort to increase the value of the donations over the years. The CFO of the Campanile Foundation, David Fuhriman, said that “if the value of bitcoin increases, then this endowment could last forever”.
“We think in the long run this could be a really good advantage for SDSU,” he added.
The Montezuma & Satoshi Cryptocurrency Endowment will keep most of its bitcoin donations denominated in the P2P currency, as Fuhriman explained that the endowment will take 1% of its holdings each quarter for one or more campus programs to “explore uses and find out how SDSU could interact with cryptocurrency and Bitcoin in particular.
SDSU said it operates cryptocurrency exchange Kraken for its bitcoin efforts.