[Blockchain Today Reporter Kim So-yeon] Cointelegraph reported that the University of Pennsylvania has received a donation worth $5 million in Bitcoin and has already finished converting it into fiat currency.
According to the university, the anonymous sponsor donated $5 million worth of bitcoin to the University of Pennsylvania’s Worton Business College. It is said to be about 118.46 BTC in present value and will be used to support the Stevens Innovation Center in the Department of Finance.
John Zeller, senior vice-president of the Department of Development and Alumni Relations at the University of Pennsylvania, told MarketWatch, “There are many and few donated cryptocurrencies, and all of them are liquidating immediately.” You also have the option to have it.”
The $5 million donation is one of the best donations received by the University of Pennsylvania, and it is said to have gone through the New York Digital Investment Group, a cryptocurrency investment company. The university’s donation page also accepts other cryptocurrencies, but limits donations to a minimum of $10,000.
According to Zeller, the University of Pennsylvania is treating cryptocurrency as a new payment method rather than as an investment vehicle. It was unclear whether recent market volatility influenced the decision not to own cryptocurrency assets.