Bitcoin<\/a> accumulation occurred before a market correction that reduced the value of cryptocurrency holdings. Bitcoin has declined since the third quarter ended on September 30.<\/p>\n <\/p>\n
Harvard\u2019s endowment posted an 8.2% annualized return over the past decade, ranking ninth out of 10 elite schools in a recent comparison. For the year ending June 30, the university reported an 11.9% gain, trailing some peer institutions.<\/p>\n
Stanford finance professor Joshua Rauh stated that investors often view both Bitcoin and gold as hedges against a collapse of the international monetary system and against a loss of the U.S. dollar. However, he noted that the extent to which either asset protects investors from these forces remains uncertain and scenario-dependent.<\/p>\n
Harvard\u2019s Bitcoin allocation contrasts with earlier assessments from its own economics faculty. Kenneth Rogoff, a Harvard professor and former International Monetary Fund chief economist, previously argued that Bitcoin would be worth a fraction of its value over a decade if regulators removed money-laundering and tax-evasion uses. Rogoff recently acknowledged his assessment was incorrect, writing that he had been too optimistic about regulatory developments.<\/p>\n
Rogoff stated he did not anticipate a situation where regulators would be able to hold large amounts of cryptocurrencies without consequence given potential conflicts of interest.<\/p>\n
MarketWatch columnist Brett Arends criticized the investment as an \u201cenvironmental catastrophe,\u201d noting that Bitcoin\u2019s global computing network uses more energy annually than some medium-sized countries. Stanford professor Darrell Duffie expressed surprise at the investment, stating that Bitcoin does not pay dividends and has limited uses as a payment instrument.<\/p>\n
Bitcoin has experienced significant outflows from ETF products over recent weeks, according to market data. The cryptocurrency is trading below recent highs amid weakening market sentiment.<\/p>\n
Arthur Azizov, founder and investor at B2 Ventures, described the current market situation as one that has lost stability. He noted a disconnect with traditional markets, pointing out that broad equity indexes are up substantially in 2024 while Bitcoin is down modestly.<\/p>\n
Azizov stated that a large share of Bitcoin is currently held at a loss, resulting in selling pressure from holders seeking to exit positions. He added that a large amount of Bitcoin options is expiring around key price levels, making traders cautious. Only a strong move above recent thresholds could restore confidence and open the way toward higher levels, according to Azizov.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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