Bentley University in Waltham, Massachusetts, is one of the first educational institutions in the world to accept tuition fee payments in Bitcoin (BTC), Ethereum (ETH), and the stablecoin USD Coin (USDC).
Despite the fact that the cryptocurrency market is currently on the fall, governments and institutions around the world are increasingly accepting of digital assets, including a small private university outside of Boston, Bentley University.
The business school will accept these payments thanks to a partnership with Coinbase, one of the world’s largest cryptocurrency exchanges (and the largest in the United States). It also intends to accept cryptocurrency donations and gifts.
Alex Kim, a Bentley student and early cryptocurrency enthusiast who founded the Bentley Blockchain Association in the autumn of 2021, commented on the latest development, saying:
“Students have a real interest in knowing more about blockchain, decentralized finance and cryptocurrency investments. These technologies are influencing the industries where they will be working.”
Bentley University has also introduced a new crypto finance course that will begin in the autumn of 2022 and will focus on blockchain applications and decentralized finance in response to student demand (DeFi).
The school mirrored Kim’s perspective in its announcement, emphasizing the growing importance of digital assets in the global economy, startup formation, salary payments, payment tracking, and even little things like purchasing tickets to events and concerts.
The business school also cited a Pew Research Center research, which claimed that over 41 million Americans, or 16% of all adults in the United States, have invested in, traded, or used cryptocurrency. The school also cited Fortune Business Insights, which predicted that the global cryptocurrency industry will more than double by 2028.
In late March, a school in Dubai began moves to integrate cryptocurrency into the education sector by accepting tuition payments in Bitcoin and Ethereum using a digital platform that instantly translates crypto into UAE dirhams (AED).
Meanwhile, the whole crypto market is in free fall, with more than $370 billion leaving its market capitalisation in only one week. It now has a market capitalization of $1.37 trillion.
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