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Many students participating in the 2014 MIT Bitcoin Project lamented how quickly they sold their free BTC to buy textbooks, sushi, and beer.
In October 2014, the Massachusetts Institute of Technology (MIT) launched the MIT Bitcoin Project, an initiative to give away $500,000 worth of Bitcoins to university students.
Students could receive $100 worth of BTC in exchange for filling out a survey, which equated to about 0.3 BTC at the time. The project is led by students Jeremy Rubin and Dan Elitzer, who raised $500,000 from college alumni and representatives of the Bitcoin community.
The project aims to encourage the exploration of digital assets and promote the campus as a global hub for crypto research.
With 3,100 students taking advantage of the offer and nearly $200,000 worth of Bitcoin unclaimed at the time, the university distributed approximately $33.8 million worth of BTC at current prices.
While many students are probably already using their free Bitcoins, with the MIT bookstore coop rolling out BTC support to pay for textbooks, school supplies and other MIT merchandise from September In 2014, Bloomberg spoke to a student who still holds the Bitcoin that MIT gave her 7 years ago.
Although the value of 0.3 Bitcoin dropped from $19,500 in mid-April to almost $11,000 today, MIT alumnus Mary Spanjers describes her experience with the cryptocurrency as “really remarkable.” She further shared:
“Most of us thought it was a joke.”
Bloomberg also caught up with other MIT alumni who were quick to spend their Bitcoin, with some participants lamenting that they spent their BTC on groceries or restaurants, including a nearby sushi shop. accept payments in Bitcoin. Online forums suggest other students have spent their crypto on beer, shoes, and other petty expenses.
Christian Catalini, an MIT associate professor who oversees the Bitcoin Project, estimates that 10% of the participating students withdrew their BTC within two weeks, while 25% exited by the time the project was completed in the middle. 2017.
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