University accepts Bitcoin donations to fund crypto-related activities

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In October 2021, the Campanile Foundation (TCF), an auxiliary of San Diego State University (SDSU), accepted its first crypto donation. Now, the university has announced that it is welcoming digital currency donations in Bitcoin (BTC) and Ether (ETH).

TCF CFO David Fuhriman said that one percent of total crypto holdings would be withdrawn each quarter to fund campus activities aimed at finding out how the university might interact with crypto, such as working on a system enabling broader digital transactions within the university.

During this time, the rest of the funds will be converted to BTC and will not be liquidated immediately, with the hope that the price will rise in the future and help more programs.

SDSU accepted the university’s first cryptocurrency donation this fall, opening the door for similar contributions in the future.

Learn more about digital currency donations. https://t.co/UsXeG9FaGc pic.twitter.com/NLREW4mPHk

– San Diego State University (@SDSU) January 14, 2022

Although the crypto market is volatile and holding assets can lead to potential loss, the university remains bullish. “If the value of bitcoin increases, then this endowment could last forever,” Fuhriman said. The CFO stressed that he believes the holding could provide good long-term benefits for the SDSU.

SDSU’s entry into the crypto space aims to attract other potential donors interested in supporting crypto-related programs at the university. Fuhriman also mentioned that it might also attract the attention of young donors who might have unconventional perspectives on wealth creation.

Related: Green and Gold: The Crypto Projects That Save the Planet

While the SDSU is adamant about accepting crypto donations, organizations like Wikimedia and Mozilla are under fire for it. A growing number of Wikimedia contributors are urging the nonprofit to stop accepting cryptocurrency donations due to crypto’s negative impact on the environment. According to the proposal, accepting crypto violates Wikimedia’s commitment to sustainability.

Mozilla encountered a similar problem. After tweeting a reminder that the platform accepts crypto donations, the organization faced backlash from its supporters led by Mozilla co-founder Jamie Zawinski, who believes the industry as a whole of crypto only makes pollution and converts it into cash.

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