Have you heard of cyber currencies or cryptocurrencies? More than 16% of American adults, or 41 million Americans, have invested, traded or used cryptocurrencies.
In 2013, Amazon launched its own cryptocurrency, Amazon Coins, and companies like Ticketmaster, Microsoft, and Whole Foods have long accepted cryptocurrencies as payment.
According to Fortune Business Watch, the global cryptocurrency market is expected to more than double from $910.3 million in 2021 to $1.9 billion in 2028.
Cryptocurrencies are slowly starting to enter our lives as a new trend in payments. Now, Bentley University students can also use cryptocurrencies to pay their tuition.
On May 3, Bentley University announced that it had partnered with cryptocurrency exchange Coinbase to officially begin accepting three cryptocurrencies as a new way to pay tuition.
Bentley also intends to accept gifts and donations in these three cryptocurrencies.
Note: Stablecoin refers to a digital representation of fiat currency on the blockchain; USD Coin is a stable coin pegged to the US dollar, 1 USD Coin = 1 USD.
Bentley’s decision to get involved in cryptocurrencies is not hard to understand. Bentley is known for its business school, whose students are well-versed in finance and investing.
Students also showed a strong interest in cryptocurrencies early on. Last fall, Bentley student Alex Kim founded the Bentley Blockchain Association, one of the few student-run blockchain organizations in the United States.
According to Alex Kim, “students want to learn more, they are very interested in blockchain, decentralized finance and cryptocurrency investing, and these technologies are impacting the industries in which they will work” .
To give students a better understanding of cryptocurrencies, Bentley will be introducing a new course on Cryptocurrency Funding next fall semester.
E. LaBrent Chrite, President of Bentley University, said, “Bentley University is at the forefront of developing leaders with the skills and knowledge to succeed in an ever-changing global economy. We are proud of this technology that our students are learning that will soon transform the global business world they will soon enter.
Bentley is not the first school to allow cryptocurrencies for tuition payment. Last October, the Wharton School at the University of Pennsylvania announced that it would accept cryptocurrencies as payment for tuition. And unlike Bentley, Penn’s cryptocurrency option is limited to paying tuition for an online program.
Carnegie Mellon University and the University of California, Berkeley also accept donations in the form of cryptocurrencies.
Germany’s leading business school, the European School of Management and Technology, and the University of Cumbria in the UK also accept cryptocurrencies as payment.
While there are still many skeptical schools about the use of cryptocurrencies, it must be said that they are attracting more and more attention. In the near future, it will become a common payment method.