The more people that own Bitcoin, the more likely that the currency will reach critical mass and be able to support itself. So what better way to encourage people to use Bitcoin than to give it away for free? This year all undergraduates at MIT will all be given $100 worth of Bitcoin to spend as they like. Apart from instantly creating 500,000 more Bitcoin users it also creates the potential for a miniature Bitcoin economy to arise. By creating a Bitcoin economy that includes some of the world’s brightest young technical minds, it lays the foundation for a younger, more receptive generation to adopt Bitcoins and enables them to come up with new uses for the crypto currency. Granting these students free access to Bitcoin is akin to providing them with free access to the internet at the dawn of the internet era – the potential for innovation is massive.
This is a great move to help wide spread acceptance of Bitcoin. In the past month alone we have seen the first Bitcoin credit card announced, the opening of Australia’s first Bitcoin ATM and the announcement that Bloomberg plans to list Bitcoin prices on its financial data terminals. Adoption and acceptance of Bitcoin is certainly increasing and bold moves like this will only accelerate Bitcoin’s rise.