Thousands of MIT students received free bitcoin in 2014, and those who held it for six years saw gains of 13,000 percent.
A pair of professors at the Massachusetts Institute of Technology (MIT) gave $100 in bitcoin to 3,100 students over six years ago. According to testimonies from a few participants who have held the top crypto asset since then, the pupils have profited by 13,000 percent.
‘Most of us thought that was a bit of a joke,’ says one MIT graduate who made 13,000 percent.
MIT has been experimenting with and promoting bitcoin (BTC), the most valuable crypto asset in terms of market value, for a long time. Dan Elitzer and Jeremy Rubin, two computer science students, dispersed $100 worth of BTC to thousands of MIT classmates in 2014. Rubin and Elitzer continued to work in the bitcoin sector after they graduated from MIT.
On Friday, a few students who had held the BTC for more than six years said they had seen considerable improvements.
Mary Spanjers, a former pupil, told Bloomberg that she still has the BTC and keeps it hidden. Spanjers claims that $100 worth of Bitcoin before the market crash in May could have netted her $20,000, or a 13,000 percent profit. Many pupils, according to Spanjers, initially mistook it for a joke. Spanjers described it as “really stunning” during her interview.“Most of us thought it was a bit of a joke.”
Elitzer, the MBA student who began the free bitcoin project, also created the school’s Bitcoin Club, although neither he nor Rubin knew how many students retained or sold the bitcoin. If every MIT student had kept the digital asset, the total profit would have been roughly $60 million. Erick Pinos, a student who works for the crypto startup Ontology, ended up selling his free bitcoin.
Pinos, on the other hand, stated today that he retains all of his cash in the crypto market and added:
I’m all about cryptocurrencies.
Former MIT Students Sold in Unknown Numbers
Sam Udotong, a former MIT student who designed the Fireflies app, subsequently sold the digital asset. Udotong noted, “If I had kept that bitcoin, it would have been closer to $300 to $400 every delivery.” Marilynn Bach, a former MIT student, decided to keep her crypto and claimed “Sometimes if my friends or co-workers talk about cryptocurrency, I’ll be, like, ‘Oh, yeah, that’s the thing I have.’”
Selam Gano, a robotics engineer at Pendar Technologies, claimed she sold her BTC for $300 worth of groceries when its value climbed thrice. During her interview, Gano added, “It was free money, I don’t have any regrets.” “The most significant thing to me is that I have an MIT degree,” Gano continued.
After the bitcoin trial, just “14 percent” were still “actively utilizing it,” according to a Boston Globe piece published two years later. Students and professors ceased taking BTC for purchases when the MIT Bitcoin Club established and distributed bitcoin a few years later at the MIT COOP, a public shop.The Liberty Teller bitcoin ATM, which was housed within the COOP, was similarly dismantled a few years later.