MIT undergrads to receive $100 worth of bitcoin this fall

Before you go, we thought you'd like these...
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.

15 PHOTOS
Bitcoin
See Gallery
MIT undergrads to receive $100 worth of bitcoin this fall
FILE - This April 3, 2013 file photo shows bitcoin tokens in Sandy, Utah U.S. prosecutors say Monday, Jan. 27, 2014, that two men are charged with conspiring to commit money laundering by selling more than $1 million in Bitcoins to users of the black market website Silk Road, which lets users buy illegal drugs anonymously. (AP Photo/Rick Bowmer, File)
BERLIN, GERMANY - APRIL 25: In this photo illustration a weathered model Bitcoin stands on a table on April 25, 2014 in Berlin, Germany. (Photo by Thomas Trutschel/Photothek via Getty Images)
Robert Faiella, center, a Florida Bitcoin exchanger, walks from the federal court house in New York Thursday, Sept. 4, 2014, after pleading guilty to federal charges that he helped smooth the way for drug transactions on the online marketplace Silk Road. (AP Photo/Craig Ruttle)
Charles Shrem, center, the top executive of a New York City-based Bitcoin company, walks from the federal court house in New York Thursday, Sept. 4, 2014, after pleading guilty to federal charges that he helped smooth the way for drug transactions on the online marketplace Silk Road. (AP Photo/Craig Ruttle)
Charles Shrem, the top executive of a New York City-based Bitcoin company, walks from the federal court house in New York Thursday, Sept. 4, 2014, after pleading guilty to federal charges that he helped smooth the way for drug transactions on the online marketplace Silk Road. (AP Photo/Craig Ruttle)
Charles Shrem, right, the top executive of a New York City-based Bitcoin company, walks from the federal court house in New York Thursday, Sept. 4, 2014, after pleading guilty to federal charges that he helped smooth the way for drug transactions on the online marketplace Silk Road. (AP Photo/Craig Ruttle)
FILE - In this Jan. 27, 2014 file photo, Charlie Shrem, right, exits Manhattan federal court with an unidentified person, in New York. The New York Bitcoin operator is set to plead guilty, Thursday, Sept. 4, 2014, in a case stemming from the black market website Silk Road shutdown. (AP Photo/ Louis Lanzano, File)
This picture taken on April 25, 2014 shows Japan's first bitcoin auto teller machine (ATM), produced by Robocoin and imported from the United States, at Suzuka in Mie prefecture, central Japan. Lancard.com, an IT firm based in western Nagasaki city, plans to set up the country's first ATM for bitcoins next month days after failed exchange MtGox was ordered to start bankruptcy proceedings. AFP PHOTO / JIJI PRESS JAPAN OUT (Photo credit should read JIJI PRESS/AFP/Getty Images)
NEW YORK, NY - APRIL 23: (L-R) Charlie Shrem, Daniel Mross and Nicholas Mross attendTribeca Talks: After The Movie: The Rise and Rise Of Bitcoin during the 2014 Tribeca Film Festival at the SVA Theater on April 23, 2014 in New York City. (Photo by Astrid Stawiarz/Getty Images for the 2014 Tribeca Film Festival)
Robocoin CEO Jordan Kelly, places the company's decal on the Robocoin machine, the world's first bitcoin kiosk (ATM) for buying and selling popular and controversial digital currency, before a demonstration on Capitol Hill in Washington, Tuesday, April 8, 2014. (AP Photo/Pablo Martinez Monsivais)
Ken Lo, CEO of ANXBTC Bitcoin Exchange points to the screen of his Bitcoin ATM during a demonstration in Hong Kong Thursday, March 13, 2014. The Bitcoin Exchange unveils the first Hong Kong Bitcoin ATM which is accessible to public. (AP Photo/Kin Cheung)
Graphic outlines the bitcoin transaction process.
FILE - In this Feb. 12, 2014 file photo, attendees of the Inside Bitcoins conference in Berlin examine Bitcoin buttons. The website of major Bitcoin exchange Mt. Gox is offline amid reports it suffered a debilitating theft of the virtual currency, and the URL of the Tokyo-based outfit returns a blank page on Tuesday, Feb. 25, 2014. (AP Photo/Frank Jordans, File)
FILE - This April 3, 2013 file photo shows bitcoin tokens in Sandy, Utah. The website of major bitcoin exchange Mt. Gox is offline Tuesday, Feb. 25, 2014, amid reports it suffered a debilitating theft, a new setback for efforts to gain legitimacy for the virtual currency. (AP Photo/Rick Bowmer, File)
of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

Read Full Story

People are Reading