世界各地的大學都在從加密貨幣熱潮中獲利——但他們能承受風險嗎？

2023 年，韓國電玩公司 WeMade 承諾向首爾國立大學捐贈相當於 10 億韓元的 Wemix 代幣（一種與同名區塊鏈平台相關的加密貨幣）。

Korean regulators are reportedly considering allowing the country’s universities to convert cryptocurrency for the first time, potentially opening a significant new fundraising stream for the country’s financially ailing sector.

據報道，韓國監管機構正在考慮首次允許該國的大學轉換加密貨幣，這可能會為該國陷入財務困境的行業開闢一條重要的新籌款管道。

Institutions elsewhere are already cashing in on the crypto craze, with the University of Pennsylvania receiving $5 million (£4 million) in bitcoin from an anonymous donor in 2021. A year later, Vitalik Buterin, co-founder of leading blockchain Ethereum, donated the equivalent of $9.4 million in USDC coin to the University of Maryland to fund public health research in the wake of the pandemic.

其他地方的機構已經從加密貨幣熱潮中獲利，賓州大學在2021 年從一位匿名捐贈者那裡收到了500 萬美元（400 萬英鎊）的比特幣。聯合創始人Vitalik Buterin 捐贈了向馬裡蘭大學捐贈相當於 940 萬美元的 USDC 硬幣，用於資助疫情後的公共衛生研究。

The Giving Block, a US-based platform that facilitates cryptocurrency donations to non-profit organisations, said that the higher education sector has been one of its “biggest growth areas” over the past two years, with clients including Washington State University and Northeastern University.

The Giving Block是一家總部位於美國的平台，致力於向非營利組織提供加密貨幣捐贈，該平台表示，過去兩年，高等教育領域一直是其「最大的成長領域」之一，客戶包括華盛頓州立大學和東北大學。

“There are several things driving this, like the booming crypto market and broader mainstream adoption, but the biggest driver for schools is simply following the money,” said Pat Duffy, co-founder of the platform.

該平台聯合創始人 Pat Duffy 表示：「推動這一趨勢的因素有很多，例如加密貨幣市場的蓬勃發展和更廣泛的主流採用，但學校最大的推動力只是追隨金錢。 」

With analysts suggesting popular currencies like bitcoin will continue to grow in value this year, spurred on by newly inaugurated Donald Trump’s crypto-friendly rhetoric, universities could be set to benefit – if they are prepared to manage the risks that come with the volatile landscape.

分析師表示，在新上任的唐納德·川普對加密貨幣友好言論的刺激下，比特幣等流行貨幣今年將繼續升值，如果大學準備好管理動盪環境帶來的風險，他們可能會受益。

“For donors in the US, the biggest driver is the tax incentive,” said Duffy. “You can skip capital gains taxes on appreciated assets and still get a deduction for the full market value.

「對於美國的捐助者來說，最大的推動因素是稅收優惠，」達菲說。 「你可以跳過升值資產的資本利得稅，但仍然可以扣除全部市場價值。

“The donor pays no taxes on their appreciated crypto, and neither does the school. Donors across the country are eliminating tens of millions of dollars in tax liability by choosing to give with crypto, and giving larger gifts…as a result.”

「捐贈者無需為其升值的加密貨幣繳稅，學校也無需繳稅。全國各地的捐助者通過選擇用加密貨幣捐贈並贈送更大的禮物來消除數千萬美元的納稅義務......結果。

For universities, accepting cryptocurrency may also allow them to target their fundraising at a younger, tech-savvy market. “They can attract more people if they accept crypto payments,” said Nir Kshetri, professor of management at the University of North Carolina.

對於大學來說，接受加密貨幣也可能使他們能夠將籌款目標瞄準更年輕、精通科技的市場。北卡羅來納大學管理學教授 Nir ​​Kshetri 表示：“如果他們接受加密貨幣支付，就可以吸引更多人。”

Institutions are not only capitalising on crypto donations. Some, such as Bentley University, have begun accepting tuition fees in cryptocurrency, which could have significant implications for international students.

機構不僅利用加密貨幣捐贈。本特利大學等一些大學已經開始接受加密貨幣學費，這可能對國際學生產生重大影響。

For example, converting the naira to the US dollar to make fee payments can be a complicated process for students in Nigeria. According to Kshetri, paying in decentralised cryptocurrency is simpler and faster for some.

例如，對於尼日利亞的學生來說，將奈拉兌換成美元來支付費用可能是一個複雜的過程。 Kshetri 表示，對於某些人來說，使用去中心化加密貨幣付款更簡單、更快捷。

However, a key risk for universities is the unpredictability of cryptocurrency markets, which has been compounded by bitcoin’s volatility in recent years. While the market is recovering, crashes such as the one experienced in 2022 have left a lasting impact and made some universities wary.

然而，大學面臨的一個主要風險是加密貨幣市場的不可預測性，近年來比特幣的波動加劇了這個風險。雖然市場正在復甦，但像 2022 年經歷的那樣的崩盤留下了持久的影響，並使一些大學保持警惕。

“Right now it’s at a peak, but who’s to say we won’t see a return to what we saw two years ago when the bottom fell out?” cautioned Bill Stanczykiewicz, director of the Fund Raising School at Indiana University Indianapolis.

“現在正處於頂峰，但誰能說我們不會看到兩年前觸底時的情況呢？”印第安納大學印第安納波利斯分校籌款學院院長比爾·斯坦奇凱維奇 (Bill Stanczykiewicz) 警告。

According to Stanczykiewicz, best practice is to avoid holding on to cryptocurrency, even if it is predicted to increase in value. “What we say to fundraisers is if you get crypto, turn it into your national currency as quickly as you can,” he said, or use a platform like the Giving Block, which does this for you.

Stanczykiewicz 認為，最佳做法是避免持有加密貨幣，即使預計它會升值。 「我們對籌款者說的是，如果你獲得了加密貨幣，請盡快將其轉換為你的國家貨幣，」他說，或者使用像 Giving Block 這樣的平台，它可以為你做到這一點。

However, this approach isn’t universal. In Paraguay, Universidad Americana is less risk averse than some, evaluating the market before converting any cryptocurrency payments.

然而，這種方法並不通用。在巴拉圭，美洲大學比其他大學更不願意規避風險，在轉換任何加密貨幣支付之前都會評估市場。

Universities considering going down this avenue also need to consider the ethical aspects, said Stanczykiewicz, and whether such donations adhere to their institution’s values.

史坦齊凱維奇表示，考慮走這條路的大學還需要考慮道德面，以及此類捐贈是否符合其機構的價值觀。

Specifically, the environmental impact of currencies like bitcoin is a concern for some. However, Kshetri argued, the coin has already been mined prior to the donation – that is, the damage has already been done.

具體來說，比特幣等貨幣對環境的影響是一些人擔心的問題。然而，Kshetri 辯稱，該代幣在捐贈之前就已經被開採——也就是說，損害已經造成。

“Just to transfer that bitcoin from you to me consumes very little…electricity,” he said.

「只是將比特幣從你那裡轉移給我只消耗很少的…電力，」他說。

Whatever your ethical view, those interviewed for this article agreed on this: cryptocurrency is here to stay and, for universities, it’s simply a question of how quickly they embrace it.

無論您的道德觀點如何，本文受訪者都同意這一點：加密貨幣將繼續存在，對於大學來說，問題只是他們接受它的速度有多快。

“Historically, it was regulatory uncertainty that made universities nervous about crypto acceptance and investing,” said Duffy. Today, he continued, in the US, “regulatory clarity and the political support we see on both sides of the aisle have cleared up those concerns”.

達菲說：“從歷史上看，監管的不確定性讓大學對加密貨幣的接受和投資感到緊張。”今天，他繼續說道，在美國，「監管的明確性和我們在兩黨看到的政治支持已經消除了這些擔憂」。

With countries like South Korea set to provide a regulatory green light too, it may not be long before institutions around the globe follow in the footsteps of their US counterparts.

隨著韓國等國家也準備提供監管綠燈，不久之後全球各地的機構就會跟著美國同行的腳步。