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In an interesting turn, Wharton business school, a part of the University of Pennsylvania, recently became the first accredited business school to accept Bitcoin for their $47,000 MBA program. Although the donation of $5 million in Bitcoin from an anonymous donor is certainly a generous gift, the school has stated that they might not be keeping the currency long term. This is partly due to the fact that the school is not allowed to purchase additional Bitcoin or accept additional cryptocurrencies for tuition payments.
The world’s first Bitcoin-only university is only five years old, but it has already made headlines around the world for receiving $5 million in Bitcoin from an anonymous donor. The school, called the Satoshi Nakamoto Institute, has stated that the money will be used to fund studies that explore the future of blockchain tech and cryptocurrency. The donation was one of the largest gifts the school ever received, and was specifically earmarked to fund three professorships.
The Wharton School of the University of Pennsylvania, one of the world’s best business schools, has received USD 5 million in Bitcoin as part of a donation to support the school’s blockchain research initiative. If that’s not enough, the donation came from an anonymous donor through the Pineapple Fund, a philanthropic organization which has so far donated 5,057.54 BTC, equal to USD $86 million. The fund was created by an anonymous donor who goes by the name of Pine . On April 10, 2017, the organization donated USD $1 million to the Water Project, an organization that provides clean water to people in sub-Saharan Africa. In November, the Pineapple Fund donated $1 million to save
The University of Pennsylvania recently received a $5 million bitcoin donation for its financial programs, the institution announced in a statement today. (Penn) is pleased to announce a new anonymous donation of $5 million in bitcoin, the largest crypto-currency donation the university has ever received, she said.
Penn gets Bitcoin
This groundbreaking commitment is made possible by NYDIG, a US-based financial services and Bitcoin technology company, and will contribute to the programs of the Stevens Center for Financial Innovation at the Wharton School. We are honored to enable the largest #Bitcoin donation to the University of Pennsylvania.
This commitment will support program growth and student leadership opportunities in the Stevens Center for Innovation in Finance at @Wharton. https://t.co/UURwCNutZh pic.twitter.com/aqVkWhrOth – NYDIG (@NYDIG_BTC) 20. May 2021
The Stevens Center for Innovation in Finance was founded with the support and partnership of Ross Stevens, a 1991 Wharton graduate, and continues to be a leading institute for fintech education and research, an area of increasing interest to Penn State students.
Bitcoin and cryptocurrencies are therefore seen by many as part of the broader FinTech space, which has grown significantly in recent years with the rise of challenger banks and other user-focused financial apps. Because finance is the heart, history and future of the Wharton School, we are honored to receive this incredible gift, Erica James, dean of the Wharton School, said in a statement.
She added: This investment marks a new era and a new kind of resource for the university, offering students the opportunity to become tomorrow’s financial leaders through exceptional coursework and transformative engagement with policymakers and industry experts.
Crypto at universities
Through various cryptocurrency donations, American schools have already been reached by other cryptocurrency companies.
Last February, Cardano’s parent company, IOHK, donated $500,000 to the University of Wyoming to help the school develop its blockchain capabilities.
In 2019, Ripple donated $2 million in XRP to the University of Kansas to support research related to cryptocurrencies, blockchain, and digital payments. And while crypto companies give, some universities are also involved in the sector.
Just last month, the University of Wyoming announced it was allocating $4 million in cryptocurrencies to test the capabilities of different stacking networks – a first of its kind.
Not the first donation
The Wharton School of the University of Pennsylvania is one of the best business schools in the world, and it has just received a $5 million donation in Bitcoin, a cryptocurrency that allows people to send money digitally.
While such a donation will make a huge difference to the school, this donation is not the first of its kind. The Winklevoss twins, who are now famous for suing Mark Zuckerberg for allegedly stealing their idea for Facebook, donated $11 million in Bitcoin to Harvard in 2013.
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