Recently, Bitcoin reaching beyond $100,000 has become commonplace, but it wasn’t long ago that such predictions were deemed unrealistic. A decade back, esteemed entities like Harvard had a more skeptical view on this digital currency’s trajectory. Let’s explore Harvard’s historical opinion on Bitcoin and how it has evolved.
What Was Harvard’s Stance on Bitcoin?
In the midst of Bitcoin’s 2017 peak, when prices touched the $20,000 mark for the first time, optimism soared. However, memories of the 2018 crash remain vivid for many, with Bitcoin spiraling below $4,000. Harvard’s Prof. Kenneth Rogoff was a notable voice during this period. During a CNBC segment, he remarked on the improbability of Bitcoin achieving six-digit figures by 2028.
“I believe that if we fast forward 10 years, Bitcoin will be worth a mere fraction of its current price… I think the probability of it hitting $100 is much higher than $100,000 in ten years.”
In March 2018, Bitcoin slumped from $9,000 to $7,000, eventually bottoming out at $3,200 by the year’s end. Kenneth believed his forecasts would ultimately be proven right.
Why Did Harvard Choose Bitcoin in 2025?
Present-day Bitcoin valuations, surpassing $118,000, underscore Harvard’s sizable investment, amounting to $116.7 million in Bitcoin ETFs. Contrary to more conservative years, the university now holds 1.9 million shares of IBIT, marking a significant shift from their previous skepticism.
In their recent financial maneuvers, Harvard’s commitment to Bitcoin outstripped even their investments in tech giants like Nvidia and Google, placing them 29th among a roster of 1,300 prominent IBIT ETF investors. Regarding gold, Harvard’s holdings in SPDR Gold Trust comprise approximately $100 million, suggesting a stronger lean towards Bitcoin.
Rainmaking isn’t just a Harvard endeavor. Other esteemed institutions like Brown University have amassed $13 billion in ETFs, reiterating a broader movement towards cryptocurrency.
Key highlights indicate:
- Bitcoin’s prominence is reflected in Harvard’s $116.7 million investment in BTC ETFs.
- Harvard’s BTC holdings overshadow their investments in major tech firms.
- Compared to earlier years, Bitcoin now represents a strategic financial asset for the university.
- Other institutions are similarly increasing their footprint in cryptocurrency investments.
Harvard’s changing view on Bitcoin not only symbolizes the broader acceptance of digital currencies within prestigious circles but also sheds light on the evolving investment strategies of elite institutions. The promising nature of Bitcoin in the eyes of academic powerhouses indicates a turning tide within the financial world.
