MIT’s Bitcoin Project from 2014 Now Worth $110 Million
Key Highlights of the MIT Bitcoin Project (2014)
- On April 29, 2014, MIT students Jeremy Rubin and Dan Elitzer announced a plan to distribute $100 in bitcoin to every undergraduate student.
- The initiative aimed to create a bitcoin-based economy on campus, backed by $500,000 raised from alumni and supporters.
- Approximately 70% of the enrolled undergraduates participated, with around 3,108 students signing up to receive bitcoin.
- Bitcoin's price increased over 220 times since the distribution, turning the initial investment into an estimated $110 million today.
- The project included an IRB-approved study that found early access to technology can enhance adoption rates.
- Despite efforts like a Bitcoin Expo, participation in bitcoin transactions on campus remained limited.
As of 2017, more than half of the original recipients reportedly still held their bitcoins. The value of the initial distribution has surged, highlighting the early adoption potential of cryptocurrencies.