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Screen Shot 2014-05-01 at 5.25.21 PMThis fall, every undergraduate student at MIT will be given $100 in bitcoin, thanks to two MIT students who have raised half a million dollars for The Bitcoin Project.

Jeremy Rubin, a sophomore studying electrical engineering and computer science at MIT, and Dan Elitzer, founder and President of the MIT Bitcoin Club and a first-year in the MBA program at MIT Sloan, have initiated an ambitious project aimed at creating an ecosystem for digital currencies at MIT.

“Giving students access to cryptocurrencies is analogous to providing them with internet access at the dawn of the internet era,” said Rubin. When the distribution happens this fall, it will make the MIT campus the first place in the world where it will be possible to assume widespread access to Bitcoin.

Screen Shot 2014-05-01 at 5.26.32 PMPlans for the MIT Bitcoin Project involve a range of activities, according to a press release on the MIT website, including working with professors and researchers across the Institute to study how students use the bitcoin they receive, as well as spurring academic and entrepreneurial activity within the university in this burgeoning field.

As a Forbes story noted “Some of the pioneer [Bitcoin] user stories are amazing, especially given the wild swings in value the currency has experienced. Lawyers generally aren’t quick to adapt, but some now accept Bitcoins.(Lawyer Says He’ll Accept Bitcoins From Clients To Keep Things ‘Discreet’.) If one criminal defense lawyer is doing it–hey, some accept real estate and other harder to unload assets–there will be others.”