According to Bloomberg, the University of Austin in Texas is incorporating Bitcoin into its endowment. The newly established university, which is welcoming its inaugural class of students this fall, has collaborated with a cryptocurrency platform. 'Bitcoin offers a unique opportunity to further UATX's dedication to nurturing future generations of leaders and innovators,' stated Thomas Hogan, an incoming associate professor at the university.

The university aims to enroll 100 students this fall and has pledged to offer free tuition for the first group. Among UATX's supporters are contributors to Bloomberg Television and Bloomberg Opinion. The University of Austin has announced that it will retain the Bitcoin in its fund for a minimum of five years. The decision to create this holding was influenced by numerous supporters inquiring about the possibility of making donations in the cryptocurrency, according to a university spokesperson.

Unchained, the cryptocurrency platform in partnership with the university, was established in 2016 and manages Bitcoin valued at over $6 billion, as per the statement. The cryptocurrency, which has seen a rise of over 60% this year, was trading around $69,400 at midday in New York.