In October 2021, the Campanile Foundation (TCF), an ancillary organization of San Diego State University (SDSU), accepted its first cryptocurrency donation. The university has now announced that it is accepting donations in bitcoin (BTC) and ethereum (ETH) digital currencies.
University and distribution of funds
TCF Chief Financial Officer David Fuhriman said that one percent of total cryptocurrency will be raised quarterly to fund campus activities to determine how the university could work with cryptocurrency, for example by working on a system that would allow transactions. wider digital networks within the university.
In the meantime, the rest of the funds will be converted to BTC and not immediately sold, with the hope that the price will increase in the future to help other programs.
Although the cryptocurrency market is volatile and holding assets can lead to potential losses, the university remains optimistic.
“If the value of bitcoin goes up, then this subsidy could last forever.”
Fuhrman said. The CFO emphasized that he believes his team can bring good long-term benefits to SDSU.
The goal of SDSU entering the crypto space is to attract other potential donors interested in supporting crypto-related programs at the university. Mr. Fuhriman also mentioned that it could attract the attention of younger donors who might have a non-traditional perspective on wealth creation.
criticism of others
While SDSU adamantly refuses to accept cryptocurrency donations, organizations like Wikimedia and Mozilla have come under fire for doing so. A growing number of Wikimedia contributors are urging the nonprofit organization to stop accepting donations in cryptocurrency due to cryptocurrency’s negative impact on the environment. According to the proposal, accepting cryptocurrencies violates Wikimedia’s commitment to sustainability.
Mozilla faced a similar problem. After posting on Twitter that the platform was accepting cryptocurrency donations, the organization faced backlash from supporters, including Mozilla co-founder Jamie Zawinski, who believes all money from the cryptocurrency industry only produces pollution and corruption. turns into money.
This will help the university grow more and possibly attract new students. Would you contribute to the university in this way or not? Feel free to join us on our official Alchimy.info discord server.
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