Yale University — whose endowment tops $29 billion — has just become the first Ivy League school to invest in cryptocurrencies, in a sign that institutional investors are becoming bullish about the burgeoning digital currency industry.
David Swensen, the chief investment officer at Yale, has invested in two crypto-focused venture funds: Andreessen Horowitz's $300 million cryptocurrency fund, and Paradigm — a blockchain- and crypto-centric fund launched by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang.
David Swensen is known as Yale's "Warren Buffett" because of his success in growing the university's massive endowment, CNBC reported.
That said, even a 1 percent allocation to bitcoin by Yale would top a staggering $290 million.
Two weeks ago, bitcoin perma-bull Mike Novogratz — the founder of crypto investment firm Galaxy Digital Capital Management — revealed that an unnamed endowment had just made a foray into digital currencies, as the Inquisitr previously reported.
While Novogratz did not name Yale University as the Big Dog investor, it now seems clear that Yale was the entity he was referring to.