Thursday, January 28, 2021

"Harvard Management Company Has Invested in Bitcoin Since 2019, per Report"

From The Harvard Crimson, January 27:

Harvard Management Company — the firm managing the University’s $41.9 billion endowment — may have bought Bitcoin as early as 2019 from market exchanges, per a Monday CoinDesk report.

Bitcoin, a cryptocurrency that operates independently of central banks, exists only as a series of transactions on a series of servers known as “blockchains.”

When it started in 2009, bitcoin ranged in value from $5 to $20. But in the past four years, the price of a single bitcoin has spiked to more than $20,000 before falling back to around $16,000.

This is not the first time the University is reported to have invested in cryptocurrency. In April 2019, Harvard-affiliated investors purchased around $11.5 million worth of Blockstack cryptocurrencies, according to filings made with the Securities and Exchange Commission.

Blockstack, which started as an open-source digital privacy project, launched its coin in 2018. It was one of the first cryptocurrencies to gain approval from the United States Securities and Exchange Commission....