In October 2014, the Massachusetts Institute of Technology (MIT) launched the MIT Bitcoin Project, an initiative that sought to give away $500,000 worth of Bitcoin to its undergraduate students.
Students were able to claim $100 worth of BTC in exchange for filling out a survey, equating to roughly 0.3 BTC at the time. The project was spearheaded by students Jeremy Rubin and Dan Elitzer, who raised $500,000 from university alumni and representatives of the Bitcoin community.
The project was intended to encourage exploration into digital assets and foster the campus as a global hub for crypto research.
With 3,100 students capitalizing on the offer and close to $200,000 worth of Bitcoin going unclaimed at the time, the university distributed roughly $33.8 million worth of BTC at current prices.
While many of the students presumably spent their freely obtained Bitcoin stash, with the MIT coop bookstore launching support for BTC as payment for textbooks, school supplies, and other MIT merchandise from September 2014,