Quincy University is the latest university to accept cryptocurrency donations in the form of Bitcoin, Shiba Inu, Dogecoin, and other cryptocurrencies. Quincy Institution, founded in 1860 by Franciscan friars, is a Catholic university that focuses on science, liberal arts, and professions.
Officials at QU revealed on Monday that they may now accept donations in digital currency. Because Quincy University is a 501(c)(3) charity, all donations, including bitcoin, are tax-deductible. In addition, QU receives the entire amount of the gift.
Bitcoin, Ethereum, ChainLink Token, and Litecoin are among the 32 digital currencies accepted by Quincy University.
“More and more people are investing in digital currency, and we don’t see that slowing down anytime soon,” said Matt Bergman, senior director of advancement. “QU is always looking for ways to make it easy for donors to support our students and initiatives.”
Skyrocketting number of universities that accept crypto
The University of Puget Sound was the first American university to accept bitcoin donations when it did so in 2014. With the aid of payment processing provider BitPay, an alumni sent the educational institution 14.5 Bitcoins, which were valued at roughly $10,000 at the time.
Since then, the number of colleges that have adopted cryptocurrency has exploded. Participants in the University of Pennsylvania’s Wharton School’s blockchain program may now pay their tuition fees in Bitcoin. Some of the top universities that accept crypto include the University of Nicosia in Cyprus, King’s College in New York, Innovation and Entrepreneur Business School in Spain, European School of Management and Technology in Germany, Financia Business School in France, The University of Cumbria in the United Kingdom, and FPT University in Vietnam.
Recently a South Korean university announced that they will issue NFT degrees to all 2830 graduates.
By removing the need for government-backed currencies, Bitcoin and other cryptocurrencies have the potential to revolutionize the nature of money itself. It also has the ability to alter the wealth distribution in society significantly. However, many more institutions would have to follow in the footsteps of these specific universities and begin conducting business utilizing digital assets in order to attain this aim. Since then, the number of colleges that have adopted cryptocurrency has exploded.