- October 29, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Bitcoin adoption does not seem to be slowing down as more institutions jump on board with the asset’s functionality. Growing demand from customers has seen various institutions implementing bitcoin payments. One of these institutions is Elon Musk’s alma mater, Pennsylvania State University. Penn State is one of the most prestigious universities in the United States and has produced some of the world’s most prominent figures.
The Ivy League joins the rank of a shortlist of colleges in the US now accepting cryptocurrency payments for education. Musk had attended the prestigious university from 1992 to 1997 where he received two bachelor’s degrees in physics and economics.
Paying For A Course With Crypto
The Pennsylvania State University announced that it was going to accept cryptocurrencies for a single course at its business school. The course, Economics of Blockchain and Digital Assets, is an online course that runs for a duration of six weeks. Students who complete the course are awarded a certificate in partnership with blockchain economic consulting firm Prsym Group. Students are able to pay for the blockchain course using a number of cryptocurrencies, including Bitcoin, Ethereum, and USDC (USD Coin).
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The move by Pennsylvania State University makes it the first and only Ivy League school to accept cryptocurrency payments. While The Wharton School makes its debut as the only business school in the United States to accept payments in crypto.
King’s College had made history as the first U.S. college to accept crypto payments when it announced that students could pay for studies using crypto in 2014. At this time, bitcoin, and crypto, were still relatively unknown to the broader market, making King’s College an early adopter of cryptocurrencies.
The California Intercontinental University had followed this move this year after the online college began allowing students to pay for tuition with Bitcoin and Ethereum.
BTC price back in the green | Source: BTCUSD on TradingView.com
Tesla Rethinking Stance On Bitcoin Payments
Amid growing interest in bitcoin payments, automotive manufacturer Tesla seems to be rethinking its stance on bitcoin payments. The electric car maker had begun to accept bitcoin payments for its vehicles earlier in the year. But subsequently repealed this future not too long after, citing energy concerns with regards to mining as the reason for the repeal.
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However, a recent filing by the company has shown that this move may only be temporary after all. Tesla filed an earnings reports with the Securities and Exchange Commission in October, wherein it stated that the EV maker may resume crypto payments in the future. “We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services,” the filing said.
Tesla’s CEO Elon Musk had previously stated that the automobile company would resume accepting bitcoin payments once it was certain that the energy sources for mining were at least 50% renewable. The industry has naturally gravitated towards renewable energy in order to avoid government sanctions. So, Tesla would most likely be looking at reinstating bitcoin payments in the not-too-distant future.
Featured image from Inc. Magazine, chart from TradingView.com
