In November 2013, the University of Nicosia, a private university in Cyprus, began accepting bitcoin as payment for tuition. At John Hopkins University, researchers are trying to create their own digital currency called zerocoin.
Meanwhile students at a number of universities, including Ohio State University, Pennsylvania State University, and Stanford University have formed bitcoin clubs, hoping to spread the word about the digital currency.
3. What are the odds that it will catch on?
It’s still hard to say.
Some states, like New York, are now considering regulating bitcoin — though such regulation irks many who use the cryptocurrency. A 2013 report by Merrill Lynch and Bank of America predicted that bitcoin could eventually account for ten percent of all online transactions, and it currently has a market capitalization of more than $8 billion.
At the same time, the currency’s unregulated and anonymous nature has made it a favorite among cybercriminals and those who purchase drugs online.
The FBI in October 2013 shut down Silk Road, an online black market that was believed to have been the home of 9 percent of all drug transactions using bitcoin. The U.S. government seized the equivalent of more than $30 million in bitcoins from the site and its alleged owner, Ross Ulbricht.
The leaders of another popular bitcoin exchange, Mt Gox, once the largest exchange of its kind, are currently being investigated for fraud after they announced that 850,000 bitcoins had been lost.
So far, bitcoin has left a number of politicians feeling uneasy about the currency, a stance that could trickle down at least to public universities.
As its instability continues to make headlines and students who actually use bitcoins remain a minority, most universities will probably steer clear of the cryptocurrency for now.
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