š„ The U.S. Commodity Futures Trading Commission (CFTC) approves Bitcoin as collateral for derivativesāHarvard University quietly becomes a major holder of Bitcoin
The macro landscape of cryptocurrencies has shifted in two ways: U.S. regulators have opened the door for Bitcoin to enter the derivatives market, while one of the most influential institutions globallyāHarvard Universityānow holds twice the amount of Bitcoin as gold.
š Latest Updates
The U.S. Commodity Futures Trading Commission (CFTC) has launched a pilot program allowing Bitcoin ($BTC), Ethereum (ETH), and U.S. dollar cash (USDC) to be used as collateral in the derivatives market.
Meanwhile, the latest documents show that the amount of Bitcoin held by Harvard University has nearly quadrupled, currently holding Bitcoin worth $443 million, compared to its previous holdings in gold ETFs of only $235 million.
š Key Highlights
š¹ The U.S. Commodity Futures Trading Commission (CFTC) has removed outdated rules under the GENIUS Act
š¹ Tokenized collateral has received formal recognition
š¹ Bitcoin has gained a clear regulatory path within traditional finance (TradFi) infrastructure
š¹ The amount of Bitcoin held by Harvard University is twice that of gold
š¹ Bitcoin's fixed supply is seen as a hedge against the depreciation of the dollar
š¹ Institutional investor sentiment continues to shift, no longer relying on gold as a safeguard
š§ What Does This Indicate
The CFTC's pilot program is not merely a routine regulatory taskāit legitimizes digital assets as financial collateral, reduces trading friction for institutional derivatives participants, and encourages broader adoption.
Harvard University's shift reinforces this trend: mature portfolios are viewing Bitcoin as a structural hedge rather than a speculative trade.
š Conclusion
Cryptocurrency is entering a phase where policy adjustments and institutional portfolio migrations mutually reinforce each other.
Bitcoin is no longer competing with alt assets but is competing with gold, bonds, and sovereign wealth funds.
And at present, Bitcoin holds the upper hand.
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