In March 2018, Harvard University economist Kenneth Rogoff stated that the odds of Bitcoin hitting $100 were greater than the odds of it reaching $100,000 in the following decade, based on what he called market volatility and the weak monetary fundamentals of the currency.
At that time, the statement came amidst a sharp decline in prices following the peak of 2017, making his prediction a subject of wide interest.
After seven years, financial disclosures with the U.S. Securities and Exchange Commission reveal that Harvard University invested around $116 million in BlackRock's iShares Bitcoin Trust (IBIT), at an average price of about $116,000 per unit, becoming one of the institutional investors in the fund, transitioning from academic caution to a direct entry into the cryptocurrency market.
Harvard's entry into the Bitcoin market at this scale is a clear signal of the expanding adoption of major academic institutions of cryptocurrency assets in America. Although the university has been studying this trend since 2018, its current investments are heavily focused in the technology sector.
Source: Coin Desk+ Crypto News
