Six major university endowments have broken the recent status quo news as they invest in cryptocurrency hedge funds, the crypto world might just have gotten the win, it badly needs.

According to the report by CryptoCoins News, six major educational institutions namely Yale University, Harvard University, Stanford University, Massachusetts Institute of Technology, Dartmouth College and the University of North Carolina have invested in cryptocurrency funds through their endowments.

Their investments in the funds, according to an unnamed source, were reported to be in the tens of millions in dollars in value, which are then to be invested in both cryptocurrencies and crypto-company shares.

The involvement of these six major educational institutions signals the nascent asset-class to be a legitimate space for institutional investors; that despite the amount of criticism it receives, large and influential investors are still willing to bet on cryptocurrencies. This furthermore reinforces cryptocurrencies’ reputation and may shift investor sentiments that consider crypto as ‘too volatile.’

Just as hedge fund manager-turned-crypto enthusiast Michael Novogratz tweeted when the news broke on Yale CIO David Swensen investing in cryptocurrency funds:

“This is really big news. David Swenson is the most influential investor in the world. By making this investment, he just said that bitcoin is a store of value. He’s the alpha bull of the herd.”

Novogratz has predicted that when Yale, a major institutional investor, finally steps up to invest in cryptocurrency, a ‘herd’ of institutional investors would follow and would power the next bitcoin bull market. Ari Paul, a former portfolio manager at the University of Chicago’s endowment, speculated that the five other universities that followed were merely waiting for major institutions such as Yale to take the first step so they would have an “excuse” to invest themselves.

However it is worth noting that these six institutional investors that are said to be investing in cryptocurrency funds still have little exposure to the asset-class. Perhaps this explains why institutional investors show a more favorable consideration towards cryptocurrencies than retail investors.

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