I might not be understanding you fully, but don't cultural institutions depend largely on the stock market for their endowments? And aren't they at the mercy of factors entirely out of their control? We can look at the impact of the recession a decade ago, for instance, when the geniuses at Harvard lost 22%. Take a look at this jarring chart and imagine yourself running a nonprofit in 2009 that depends on revenue from endowment. What was their response? HODL! Not unlike the cryptos of today. So how different is where we are from that?
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