MIT Students Sold Their BTC for Food and Other Conveniences

A lot of people know about the person who bought Pizza with 10,000 Bitcoin. However, he was not the only one who missed the Bitcoin boat early.

In 2014, MIT, an institution known for producing some of the best brains in tech and finance, started the MIT Bitcoin project. The project aimed to give out $500k in BTC to undergrads.

Through this project, students were given $100 of Bitcoin for them to fill in a survey. This was roughly 0.3 BTC at the time which is now equivalent to $10,844.

The idea was to give students the incentive to learn more about digital assets and turn MIT into a hub for research into cryptocurrencies.

At the time, 3100 students took advantage of the $100 offer. This means about $200k worth of Bitcoin was given out at the time.

The interesting aspect of it is that majority of the students did not hold to their Bitcoin. Most of them exchanged their BTC for textbooks, food, and other everyday stuff.

However, some held on to their stash. According to Bloomberg, one MIT alumni said that she held on to the BTC she got at MIT. Bloomberg reported that the student described her experience with crypto as a good one.

Other students that spent their BTC on food and other basics now regret ever selling it. At current prices, it was equivalent to buying food for tens of thousands of dollars.

According to the professor who was behind the project, about 25 percent of the students who cashed out before 2017. There is also a good percentage of them who cashed out almost immediately after getting their BTC. 

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