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A donation encouraged to take on the step-
In October 2021 university received a donation in Bitcoin. It was a donation of $25000 worth of Bitcoin from a former student of the University with the request to continue the Bitcoin transaction for donations. After that, The Campanile Foundation (TCF), an official tax-exempt sector that works on behalf of SDSU had created a dedicated endowment for Crypto donations. In this regard, San Diego State University officially announced accepting cryptocurrencies donations in the future. Now it will be officially accepting donations in Bitcoin and Ethereum like cryptocurrencies.
Plans about how it is going to be spent-
Meanwhile, the Chief Financial Officer of TCF, David Fuhriman, described what to do with the Crypto Donations. He said that the Crypto Donations would be used to develop Crypto-related projects and promote Crypto-related activities in University. Out of total Donations, one percent will be withdrawn every quarter. So that the fund accumulated will be put in campus activities that will focus on finding out how the University could understand working and interaction with Crypto. That will further promote working on permitting more digital transactions inside the University. One percent of the total funds would be applied there.
Other than the one percent, the rest of the fund will be invested or converted into Bitcoin. This is because of the simple fact that it will grow in the long term, and the more the fund, the better opportunities to use it in the future. However, there is also the possibility that the University could bear a loss on its invested funds, taking into consideration the volatile nature of Cryptocurrencies, even Bitcoin. But CFO David is optimistic about it and believes that the investment could last forever if the bitcoin price increases.
Impact of the Decision-
SDSU’s decision to accept Cryptocurrencies can be a positive step towards Crypto. This will impact inside and outside the University. For the new age donors opening a new gateway for donation in a native form in which they earn, if they are crypto investors, will encourage them towards it. On the other hand, the use of donations from Crypto will be used back in crypto activities by the University. This will also be an aspect to look upon.
In 2013, the first University that started accepting Bitcoin as tuition fees payments was The University of Nicosia, Cyprus. Following this trait, the University of Cumbria, UK, became the first public University to accept Bitcoin. San Diego State University can also be one of them taking Crypto, even though for donations.
Other than SDSU, many other firms have also decided to accept Bitcoins for donation purposes. Like Wikimedia and Mozilla, they could not sustain it because of the backfire regarding the decision. Some of their followers and frequent donors criticized the step. The reason behind this was Crypto’s not being good for the environment and various other concerns. But still, SDSU decided to go on with the acceptance of Crypto. It’s a matter of time, though, to see if it will go well or not.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
