A pair of students at the Massachusetts Institute of Technology has raised $500,000 for a project that plans to give $100 in Bitcoin to every MIT undergraduate student in the fall.
The MIT Bitcoin Project was created by Jeremy Rubin, a sophomore studying computer science, and Dan Elitzer, a first-year student at MIT’s MBA program who also serves as president of the MIT Bitcoin Club. The majority of the funding came from donations from MIT alumni and the greater Bitcoin community, though the project also had sponsors. In addition to distributing Bitcoins to the student body, the project will study how students use the virtual currency and its impact on the college.
The goals are to create an ecosystem for digital currencies at the university, and establish it as a hub for Bitcoin research, ideas, and ventures. Rubin and Elitzer will work with campus merchants to incorporate Bitcoin payment as well.
“We don’t currently have plans to do Bitcoin distribution beyond this fall, but we expect the broader ecosystem and focus on Bitcoin at MIT that it helps create will continue for many years to come,” Elizer told Fast Company.