University Bets on Bitcoin as Nationwide Enrollment Dips
January 25, 2022 | California
San Diego State University is now accepting donations in the form of Cryptocurrencies such as Bitcoin and Ethereum.
An anonymous donor has sent the school approximately $25,000 worth of Bitcoin, according to the SDSU NewsCenter.
“The SDSU auxiliary will keep almost all of the contribution in the form of Bitcoin instead of immediately converting it all to cash as many other universities have done,” the outlet reported.
“If the value of bitcoin goes up, then this endowment could last forever,” David Fuhriman, the Chief Financial Officer of the school’s Campanile Foundation, told NewsCenter. “We believe over the long run that this could be a really good benefit to SDSU.”
This decision comes at a time when revenue from undergraduate enrollment is down significantly across the country. The National Student Clearinghouse reports that undergraduate enrollment is down 3.1% over the last year.
In 2020, the Covid-19 pandemic’s impact on higher education led the federal government to allocate almost $14 billion for university relief, including $29.4 million to San Diego State University alone.
COVID-19 cost American higher education institutions approximately $183 billion in part due to enrollment decreases and tuition freezes, The Chronicle reported last year… (Excerpts from the Virginia Star)
