In 2014, Jeremy Rubin and Dan Elitzer launched the MIT Bitcoin Project, distributing $100 in bitcoin to every undergraduate student at MIT, hoping to foster a peer-to-peer economy. Backed by professors and donors, they raised $500,000 to fund the initiative. At that time, bitcoin's value was rapidly increasing, having risen from $10 to nearly $1,000. While about 70% of students participated, bitcoin usage on campus struggled despite efforts like a Bitcoin Expo. A 2017 study published in _Science_ revealed that students who received bitcoin later were likely to sell it immediately. Fast forward to today, the original investment of $500,000 has appreciated to an astounding $110 million, with the value of $100 in bitcoin given to students reaching around $26,000. The project aimed to create a unique community for bitcoin adoption in a tech-savvy environment, indicating the challenges of initiating network effects in emerging technologies.

Source 🔗