$BTC In March 2018, Harvard University economist Kenneth Rogoff stated that the odds of Bitcoin reaching $100 were greater than the odds of it reaching $100,000 in the next decade, based on what he described as market volatility and weak monetary fundamentals of the currency.
At that time, the statement came amid a sharp price drop after the peak of 2017, making his prediction a focal point of interest.
Seven years later, financial disclosures with the U.S. Securities and Exchange Commission reveal that Harvard University invested approximately $116 million in the BlackRock-owned 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 direct entry into the cryptocurrency market.
Harvard's entry of this magnitude into the Bitcoin market is a clear signal of the growing adoption of major academic institutions of crypto assets in America. While the university has been studying this trend since 2018, its current investments are heavily concentrated in the technology sector.
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