Cryptocurrency News

Brock MIT students get 13,000% profit on free BTC after food and shoes sale

In October 2014, Massachusetts Institute of Technology (MIT) launched MIT bitcoin project, An initiative that sought to give $500,000 worth of bitcoin to its graduate students.

Students were able to claim $100 worth of BTC in exchange for filling out a survey, which at the time was roughly equivalent to 0.3 BTC. The project was led by Jeremy Rubin and Dan Elitzer, who raised $500,000 from university alumni and representatives of the bitcoin community.

The objective of the project was to encourage exploration in digital assets and promote campus global center for crypto research.

3,100 students took advantage of the offer, and with approximately $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 probably spent their freely obtained bitcoin stash MIT Cop Bookstore Launching Support for BTC As payment for textbooks, school supplies and other MIT merchandise from September 2014, Bloomberg spoke to a student who still holds the bitcoin MIT gave him seven years ago.

The value of 0.3 bitcoin has fallen from $19,500 in mid-April to nearly $11,000 today, says MIT alumnus Mary Spangers. describes Her experience with cryptocurrency is “truly remarkable”, adding:

“Most of us thought it was a joke.”

Bloomberg also caught up with other MIT alumni who quickly spent their bitcoin, with many participants lamenting that they had spent their BTC on groceries or restaurants, including a nearby sushi joint that sold bitcoin. accepted as payment. Online forums suggest that other students spend their crypto on beer, shoes and other trivial expenses.

Christian Catalini, an MIT associate professor overseeing the bitcoin project, estimated that 10% of participating students had redeemed their BTC within two weeks, while 25% dropped out as the project completed in mid-2017. Were.