When Bitcoin (BTC) was first launched back in 2009, no one would have thought where it would land in a matter of a decade. The largest cryptocurrency in the world did not have a single dime added to its value until late 2011 when the first cryptocurrency exchange was founded.
Even at that point, Bitcoin (BTC) did not have enough value added to it. This is the reason why people did not want to do anything with it. Even if they had Bitcoin (BTC) on them, they did not bother doing anything with them.
Then the first time Bitcoin (BTC) showed some potential was back in 2014. At that point, people started adopting Bitcoin (BTC) on several platforms and some platforms even accepted BTC for payments.
Therefore, Bitcoin (BTC) had finally started gaining some potential and value. In the initial stages, several people had mined Bitcoin (BTC) and had accumulated thousands just for fun. At that time, people did not know where it was going to land in the upcoming years.
Some people had their mined Bitcoin (BTC) in their old systems they could not remember the passwords to. Some people had forgotten their keys to the wallets so they had their Bitcoin (BTC) locked away forever. Finally, there were some people who had thrown away their hard drives with around 10,000 BTC saved in them.
All these cases emerged when Bitcoin (BTC) showed its potential in early 2021. That was the time when Bitcoin (BTC) went ahead hitting all-time highs.
This time around is students from MIT are crying about the loss they incurred due to selling their BTC. It was back in 2014 when the undergraduate students were enrolled in a project named “MIT Bitcoin Project”. The project sought to give away the undergraduate students half a million dollars’ worth of Bitcoin.
The program revealed that for filing out a simple survey, undergraduate students could get their hands on $100 worth of Bitcoin (BTC). At that particular time, the $100 figure translated to $0.3 BTC. The people behind the MIT Bitcoin Project were Dan Elitzer and Jeremy Rubin who were also students at the MIT.
They had reportedly raised $500,000 from the representatives of the Bitcoin community as well as the university alumni. The major purpose of the project was to expose students to the cryptocurrency and digital asset industry. They wanted the students to explore the technology more and have their input in it in the coming years.
Furthermore, the students also wanted the campus to become one of the most reliable hubs for the cryptocurrency industry providing its research input.
At that time, a total of 3,100 students participated in the program and took around $300,000 worth of BTC. The rest of Bitcoin (BTC) was still unclaimed, while the total distributed BTC translate to $33.8 million at the time of writing.
The students who had their $100 worth of BTC at that time revealed that they spent them either on MIT merchandise, school supplies, and textbooks.
However, one student did manage to keep her 0.3 BTC from that time, which now has a value of $11,000.