Every MIT Undergraduate to Pocket $100 in Bitcoin in Promotional Program

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Every MIT Undergraduate to Pocket $100 in Bitcoin in Promotional Program

A donor has promised to give each undergraduate in the Massachusetts Institute of Technology bitcoins worth $100 on return to school this autumn in efforts to kick off a bitcoin ecosystem.

Jeremy Rubin, a 19-year old second-year undergraduate student at the institution and Daniel Elitzer, who’s taking an MBA course at the University’s Sloan School of Management are spearheading the efforts.

According to The Guardian, the two have generated more than $500,000, primarily from Alexander Morcos, a graduate of MIT involved in high-speed trading in New York.

Elitzer said they made the project known to students early enough to give them a head start.

“We want to issue a challenge to some of the brightest technical minds of a generation: ‘When you step on to campus this fall, all of your classmates are going to have access to bitcoin; what are you going to build to give them interesting ways to use it?,” said Elitzer.

Rubin compared the exposure of students to digital currencies to giving them access to internet at the outset of the internet era.

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Both Rubin and Elitzer have worked with bitcoin before. Rubin is the creator of Tidbit, a campaign meant to take the space of online advertising by offering bitcoin mining. On the other hand, Elitzer founded the Bitcoin Club at MIT.

As Boston reports, the two students said that they would provide consultation to demonstrate how to create systems that can take transactions in the virtual currency.

Dennis Freeman, who is MIT’s head of undergraduate education, told the Tech, student’s newspaper at the university, that he was fine with the giveaway. He said that Rubin and Elitzer were helping students and faculty have a good grasp of emerging technology by bringing them together to access information on what bitcoin is all about and study its use.

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To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com