Harvard University Stacking More Bitcoin Over Gold, Bitwise CIO Matt Hougan Reveals

Harvard University is investing more in Bitcoin than in gold, according to Bitwise CIO Matt Hougan. This indicates Harvard University’s strong conviction in Bitcoin amid the debasement trade, allocating more to BTC over gold ETF.

Harvard University Doubles Down on Bitcoin Over Gold: Bitwise CIO Matt Hougan

Harvard University is significantly increasing its Bitcoin investment over gold amid the US dollar debasement trade, Bitwise CIO Matt Hougan said in an X post on December 8.

In Q3, Harvard University ramped up Bitcoin investments from $117 million to nearly $443 million. In contrast, it also boosted its gold ETF allocation from $102 million to $235 million in Q3.

He noted that the university has allocated to Bitcoin at a 2-to-1 ratio over gold. This shows Harvard’s notable preference for Bitcoin amid currency debasement.

BlackRock Spot Bitcoin ETF Is the Top Holding of Harvard Management Company

Harvard Management Company (HMC), which controls Harvard University’s endowment, holds 6.81 million shares of BlackRock’s iShares Bitcoin ETF (IBIT). This makes BTC the top holding in the investment portfolio, with IBIT accounting for 21% of their portfolio.

Notably, HMC holds 0.66 million of SDPR Gold Shares (GLD) worth $235.10 million. It is the fourth-largest holding after Microsoft and Amazon stocks. The total portfolio value of Harvard Management Company is $2.10 billion.

Traditional and crypto-focused investors closely watch Harvard University’s investment decisions as they influence other major institutional players in the market.

Last week, spot Bitcoin ETFs saw a net outflow of $87.77 million. IBIT recorded a net outflow of $48.99 million last week amid uncertainty in the crypto market ahead of the key FOMC Meeting. Another 25 bps Fed rate cut decision on Wednesday will fuel bullish sentiment on Bitcoin.

BTC Price Advances Towards $92K

BTC rebounded more than 2% in the past 24 hours, with the price currently trading at $91,715. The 24-hour low and high are $87,799 and $91,740, respectively. A 50% increase in trading volume over the last 24 hours supported the latest rebound in Bitcoin.

CoinGlass data also shows massive buying in the derivatives market. At the time of writing, total BTC futures open interest jumped 0.30% in an hour and 0.85% in the last 4 hours. Also, BTC futures open interest climbed nearly 3% in 24 hours to $58.22 billion, with a 2.57% rise on CME and 2% jump on Binance.

Analysts predicted Bitcoin to reclaim $100K if it breaks above a key $93K-$94 resistance zone. However, if BTC slips under $84K, the bearish sentiment would trigger a deeper fall.