In October 2021, The Campanile Foundation(TCF) under the San Diego State University(SDSU) accepted their first crypto donation. The university announced that they accept crypto donations in BTC and ETH, for now, starting now.
TCF chief financial advisor David Fuhriman also said that one percent of the entire crypto holdings of the institution would be quarterly withdrawn for the development of the campus activities and infrastructure that is focused on permitting the crypto transfer within the university.
The rest of the crypto funds will be converted to BTC but not liquidated immediately with the hope of some profits when the prices surge and help other programs of the university. Since this crypto market is exceptionally volatile and holding too many assets may cause losses to the university, the university remains bullish. According to them, if the value of BTC soars higher, this endowment could last forever. The chief definitely believes that holding these assets will provide long-term benefits for the university.
This shift to crypto is lucrative for the potential donors too who are interested in supporting the crypto space. They can even support the crypto-related programs of the university. Fuhriman also stated how this shift could draw the attention of the youngsters and get into the crypto space for wealth creation.
Even though SDSU is accepting crypto donations, organizations like Wikimedia and Mozilla are still attacked for this. The rising numbers of Wikimedia contributors are asking the nonprofit to stop accepting donations as it can negatively impact the crypto space. According to them, this affects crypto sustainability.
Mozilla was under a similar cry too. They faced a major backlash only after the announcement of SDSU. The Co-founder of Mozilla, Jamie Zawinski, says that the entire crypto space only manufactures pollution and converts it into cash.