Back in October 2021, the Campanile Foundation (TCF), an affiliate of San Diego State University (SDSU), accepted its first cryptocurrency donation. The university has now announced that it welcomes digital currency donations in bitcoin (BTC) and ethereum (ETH).
TCF Chief Financial Officer David Fuhriman said one percent of total cryptocurrencies will be withdrawn each quarter to fund campus activities focused on learning how the university interacts with crypto, such as working on a system that allows for broader digital transactions within the university.
In the meantime, the remaining funds will be transferred to BTC and will not be phased out immediately, in the hope that the price will rise in the future and help more programs.
While the cryptocurrency market is volatile and holding assets can lead to potential losses, the university remains optimistic. “If the value of bitcoin rises, this giveaway could continue forever,” Fuhrmann said. The CFO emphasized that they believe this acquisition can provide good long-term benefits for SDSU.
SDSU’s entry into the crypto area aims to attract other potential donors who are interested in supporting crypto-related programs at the university. Fuhrmann also mentioned that it may attract the attention of younger donors, who may have unorthodox views on value creation.
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While SDSU is adamant about accepting donations in cryptocurrencies, organizations such as Wikimedia and Mozilla have come under fire for doing so. An increasing number of Wikimedia contributors are asking the non-profit organization to stop accepting donations in cryptocurrencies due to the negative impact of cryptocurrencies on the environment. According to the proposal, the adoption of cryptocurrency violates Wikimedia’s commitment to sustainable development principles.
Mozilla had a similar problem. After posting a reminder on Twitter that the platform accepts crypto donations, the organization has faced setbacks from its followers, led by Mozilla co-founder Jimmy Zawinski, who believes the entire crypto industry creates and makes money from pollution.