Better late than never, I guess. In 2014, @UArkansas received $10k USD worth of bitcoin for a donation directed to @ARMathSciArts. They *insisted* it had to be liquidated immediately upon receipt. Whoops! https://t.co/VAPbDKeI7r
— Luther Lowe (@lutherlowe) August 2, 2018
The University of Arkansas Foundation apparently passed up a chance to speculate in bitcoin and missed a big profit as a result. Interesting, because UA just announced a major investment in studying blockchain technology. Bitcoin is an application of blockchain. UA is establishing a Blockchain Center of Excellence at the Walton business school.
The lost profit opportunity?
In 2014, the University of Arkansas Foundation got a gift worth $10,000 in bitcoin to be used at the Arkansas School for Mathematics, Sciences and the Arts. It was the gift of Luther Lowe, a Yelp executive and graduate of ASMSA, to establish a high school course on bitcoin, cryptocurrencies
Lowe commented on Twitter today about the news of UA’s new blockchain initiative.
I asked him about the value of the gift and what’s happened in bitcoin prices since.
When I gave BTC was trading at $570 USD. I gave 17.24 BTC, which equaled just under 10,000 USD. So UArk Foundation could’ve hypothetically set up a limit sell order to hold unless BTC hit 20k (which it did last December), which would’ve been 340K USD.
Even if they would’ve held and sold at the lowest post-crash prices, it would’ve been 103K.
Sold right now, it would be worth $129K
Noted: The UA Foundation invests hundreds of millions of dollars. It raised almost $300 million in 2018 alone.