Elon Musk’s Alma Mater To Begin Accepting Bitcoin For Tuition Fees

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Elon Musk's Alma Mater To Begin Accepting Bitcoin For Tuition Fees
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  • Wharton School of the University of Pennsylvania has announced that prospective students can pay their tuition fees through cryptocurrency.
  • The adoption is limited to the novel online blockchain and digital program that is expected to commence in January.
  • The school has an interesting history with cryptocurrencies and blockchain technology.

A top US Business school has embraced cryptocurrencies and blockchain enthusiasts are giddy with excitement. Although there is a snag to the adoption, it could have a domino effect on several institutions, leading to larger adoption rates.

Students Can Pay Tuition With Cryptocurrencies

The Wharton School of the University of Pennsylvania has announced that it will begin accepting Bitcoin and other cryptocurrencies from students as a means of paying their tuition. Despite the innovativeness of this offering, it is limited to a new course offered by the leading business school that is billed to begin on January 3, 2022. 

The course is titled “Economics of Blockchain and Digital Assets,” and is expected to run for six weeks with students learning the potential use cases of cryptocurrencies, NFTs, and CBDCs. The modules will also cover DAOs and DeFi, explore the role of regulation and introduce students to the rudiments of valuation and investing in the ecosystem. Tuition costs $3,800 and prospective students can make the payments with Ether, USDC, Bitcoin through Coinbase Commerce. 

Professor Kevin Werbach, the academic director said, “We designed this program for business professionals and executives from a range of backgrounds, including traditional finance, management, and tech”. He added that this new asset class and underlying technology will play a key role in several facets of the economy.

“We hope to equip business leaders, consultants, and entrepreneurs to identify the value drivers of these innovative technologies and to give them the practical understanding to build solutions,” says Werbach.

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Not The First Run-In With Cryptocurrency

This course and the decision to accept cryptocurrencies as tuition payment is not the first time the Wharton School is crossing paths with blockchain technology. Presently, it offers an introductory class into crypto and blockchain tech through the Coursera platform.

In May, the school received a gift of $5 million worth of BTC from an alumnus that chose to remain anonymous. The donation was liquidated and the funds were channeled towards the support for the Stevens Center for Innovation in Finance. While it remains unknown who the beneficiary is, prominent alumni of the school include Elon Musk, Sundar Pichai, and Peter Lynch.

The World Economic Forum recently struck a partnership with the Wharton School to develop a toolkit for the regulation of the digital asset ecosystem.