In a surprising development, the University of Pennsylvania’s Wharton School has received $5 million worth of Bitcoin from an unknown donor. The payment was processed by Stone Ridge Asset Management, a digital asset subsidiary.
In response to the overwhelming donation, the president of Pennsylvania University, Amy Gutmann, expressed her gratitude and described it as an “atypical donation.” She said,
As the nature of philanthropy continues to evolve, Penn stands at the forefront of innovative ways to make a difference in the world.
One of the eight Ivy League Schools,Pennsylvania State University, immediately converted the donation into fiat currency, the reports from MarketWatch suggested. Amidst the mainstream adaptation of the new blockchain technology and cryptocurrencies, most schools across the United States are struggling to cope with the new donation method.
Meanwhile, some of the major schools in the US, including MIT, have started accepting donations in digital assets. The announcement comes as the world’s most popular currency sank to its three-time low but showed signs of significant corrections on Thursday as it recovered more than $10k.