University official explains decision to accept Bitcoin, crypto donations

Chief Financial Officer of San Diego State University’s (SDSU) Campanile Foundation, David Fuhriman, spoke to Campus Reform about the school’s decision to accept Bitcoin and cryptocurrency donations.

Fuhriman noted the push to expand SDSU’s donor base, explained how the donated funds will be used, and expressed optimism for the asset class.

Campus Reform previously reported that San Diego State University is now accepting donations in the form of Cryptocurrencies such as Bitcoin and Ethereum. 

Anonymous alumni had donated approximately $25,000 worth of Bitcoin to the school.

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”We have a process to accept real estate and stocks because that is where that generation has accumulated the wealth,” Fuhriman said in reference to younger donors. “Just because this specific asset class is newer doesn’t mean that it won’t be enduring over the next 20 years.”

Campus Reform asked Fuhriman why the Foundation chose to not convert the digital assets to cash despite the volatile nature of Bitcoin’s price fluctuations.

”There are a few reasons to this, one is to just make a symbolic initiative in a 125-year-old institution that it is looking forward. Second, it aligns with our donors’ outlook of Bitcoin and crypto potential over the next 10-20 years,” he explained.

Fuhriman also noted that he “can take a very long-term horizon precisely because an endowment is a permanent fund.” 

He continued, “That said, there is risk in the devaluation. The decline in Bitcoin and the need to fund programs may deplete Bitcoin. This is a risk given the context and was and is discussed with donors.”

On the uses for the donated Cryptocurrency funds, Fuhriman laid out a number of possibilities, noting the “exploratory” nature of such policies.

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Fuhriman also noted that, “We generally are not risk-averse to holding more speculative [alt]coins,” however their decisions to hold such coins depends on the ”preferences [of their donors] and the funding needs of the programs they would like to support.”

With wider usage of Bitcoin and Crypto assets, President Biden will reportedly be attempting to regulate Bitcoin via executive order “as early as February.”

Campus Reform asked Fuhriman if this impacts San Diego State University’s plans for managing cryptocurrencies. 

He responded, “The coming regulations don’t impact our short or long-term plans for managing donated cryptocurrencies.”

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