Why Is Harvard’s Endowment Jumping Into Crypto?

Harvard University’s investment arm, Harvard Management Co., has jumped into the crypto market at a time when several experts say surging crypto prices are about to collapse again. Harvard University’s $39 billion endowment has reportedly joined two other investors in spending a cumulative $11.5 million to back Blockstack Inc., a crypto-company seeking to raise $50 million for its digital-token offering. Meanwhile, technical indicators suggest that the volatile cryptocurrency space could see its recent gains reverse quickly, per a detailed Bloomberg story.

Why Digital Coins Could Crash Again

  • Bloomberg Galaxy Crypto Index is at its most overbought since hitting a record last year
  • Index has climbed about 25% this month to its highest level since January 2018
  • After hitting that high of $1,667, it proceeded to fall more than 65% in the three months following

Crypto Wins Institutional Money

The news presents a win for the cryptocurrency space, which has been vying for funding from deep-pocketed backers. Initial coin offerings, the digital currency market’s answer to an IPO, have largely tanked, and the price of popular coins like Bitcoin remain a whopping 75% off highs. Reeling in institutional money has been viewed as a milestone for the cryptocurrency space as it attempts to work past regulatory uncertainty, and investor fears concerning various issues like fraud, money laundering and market manipulation.

Crypto-Company Offers ‘Stacks’ Coin

Source Link