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MIT undergrads to receive $100 worth of bitcoin this fall

MIT Undergrads To Receive $100 Worth Of Bitcoin This Fall


College students are used to getting a plethora of free swag at the beginning of every semester - coupons, Frisbees, food, Bitcoin. Wait, Bitcoin?

If you're an undergraduate at MIT, yes. Two students at the research university have raised $500,000 to distribute $100 worth of the cryptocurrency to every one of MIT's 4,528 undergrads.

According to Coinbase, the current price of Bitcoin is $445.24 - that means at current market value each student would receive about 1/4 of a bitcoin.

The MIT Bitcoin Club, whose president is one of the students behind the project, says the remaining cash -- $50,000 -- will be used to cover the cost of distribution and fund activities associated with the distribution.

The motivation behind this Bitcoin payout is research. The students hope to pump MIT full of the cryptocurrency so it can be studied while it's in use. According to the MIT Bitcoin Club, "When the distribution happens this fall, it will make the MIT campus the first place in the world where it will be possible to assume widespread access to Bitcoin."

One of the students spoke with The Next Web, telling the outlet he's excited to see what uses MIT undergraduates come up with. "We expect MIT students will embrace this opportunity to find interesting and innovative uses for Bitcoin, as they have time after time with other emerging technologies."

The group says it plans to inform local business owners about the initiative and provide assistance for those looking to accept Bitcoin as a payment method.

CryptoCoinsNews reports the group will host the MIT Bitcoin Expo on Saturday, May 3, to promote the initiative before its introduction this fall. According to the outlet, well-known Bitcoiners are planning to host workshops and presentations.

Join the discussion

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Mike April 30 2014 at 12:36 PM

We know that they won't be spent on dates. With a $100 they could probably buy themselves a year's worth of pocket protectors.

Flag Reply +2 rate up
YourFtr April 30 2014 at 1:24 PM

At 445.00 plus or minus;
Bitcoin should have a two for one Bitcoin2 split !!

Flag Reply 0 rate up
cpryplesh May 01 2014 at 1:42 AM

I don't remember getting any thing .... Other than long lines to try to change class.

Flag Reply 0 rate up
mckenneybj May 01 2014 at 1:48 AM

Who cares what Oboma thinks.

Flag Reply 0 rate up
mikea312 May 01 2014 at 10:06 AM

...wait til they find out they'll have to give their social and bank account #'s to use them.

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