Is Burning Cryptocurrency Becoming The New Gold Standard In Higher Education? |

The People’s University is one of the many institutions that accept payments and donations via Bitcoin and other digital assets.

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Being bold and different is part of the makeup of Pasadena, California. People’s University, which became the first higher education institution to be non-profit, accredited, online, and tuition-free.

As part of its “education revolution,” UoPeople is adding growing innovation to facilitate ease of transactions that can better serve students, both personally and through the support provided at the institution. The university announced that it is allowing cryptocurrency donations to its endowment and will offer students around the world the option to pay fees using digital assets. He said it was imperative to allow these transactions, especially as his base of more than 100,000 international students faces both financial and physical obstacles in trying to transfer funds.

The university joins a few others in this quest to change the way higher education enables payments, including the Wharton School of Business, which allows students to use cryptocurrency for online courses and l ‘also accepts for donations (in May, Wharton received $ 5 million in gifts via Bitcoin). The University of California at Berkeley, Lehigh University and Carnegie Mellon University have also recorded large crypto donations.

The People’s University already has $ 2 million with the company Coinbase in its quest to reach a $ 10 million endowment, thanks to a donation from Albert Wenger, Managing Partner of Union Square Ventures, and his wife , Susan Danziger, founder of the Eutopia Foundation. . “As the university of the future, it makes perfect sense for us to create our endowment in the currency of the future,” said President of the People’s University Shai Reshef. “UoPeople has developed a new model of higher education and cryptocurrency is a new model of finance.”

More than just payments

The People’s University not only offers digital financial transactions; it promises to provide learning and resources around cryptocurrencies such as Bitcoin and Ethereum. And he will infuse his program with studies on blockchain and digital currency. “We have a responsibility to educate our students on how cryptocurrency is transforming the way the world does business,” Reshef said.

One of the unique ways that the University of the People operates in cryptocurrency is by providing graduates with “tamper-proof digital degrees via NFTs (non-fungible tokens).” This decision is another aimed at making the transfer of documents more flexible and accessible “in particular to refugees or graduates who must provide proof of their studies to employers abroad”.

Despite the mixed reports on Bitcoin, acceptance of crypto is gaining ground, especially among money-making millennials. According to a survey of young millionaires by CNBC, about a quarter have their money in Bitcoin, Ethereum or other digital currencies. Playing smart in the market, they get rich quick by trading these assets. Most millionaires have avoided crypto and NFTs, although young investors are also bullish on them.

The fact that major universities and business schools are entering crypto may be the backbone for hesitant institutions to finally take the plunge as they seek to increase enrollment and endowments. Many highly competitive universities offer course options in cryptography, including Stanford, Harvard, UC-Berkeley, and Arizona State University.

Universities have several options when considering accepting crypto payments, including the more complex – donor advised funds, which require the donor to go through several steps to donate digital assets to the institution – to the most acceptable. , like donation platforms. The latter is the easiest way to convert crypto into funds and for a college or university to be covered in terms of meeting federal reporting requirements. Both options mean that robust technology must be implemented to ensure that donations can be accepted safely and are then transferred accordingly.

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