Bloomberg Businessweek

Colleges Are Baffled by Bitcoin

A crypto entrepreneur had to teach his alma mater how to accept his $10,000 gift

The University of Puget Sound got an offer it wasn’t sure how to accept. A recent graduate had hit the jackpot and wanted to make a donation to the school. In Bitcoins.

Colleges have long wrestled with accepting atypical donations, such as art or shares in a family business, that can muddle their investment portfolios. The gifts may raise accounting questions, complicate tax filings, or require special storage or security. Bitcoin—unregulated, notoriously volatile, and sometimes stolen by hackers—raised every one of those concerns. But in 2014, the private liberal

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