16 wild Bitcoin tales of rags to riches (and vice versa)

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#14 MIT Bitcoin Giveaway

16 wild Bitcoin tales of rags to riches (and vice versa) 1
Credit: Wikimedia Commons / Mys 721tx

In 2014, with half a million dollars in donations from alumni and bitcoin enthusiasts, then MIT computer science student Jeremy Rubin offered all undergraduate students on campus $100 worth of bitcoin. According to CNBC, 70% of the student body, 3108 individuals to be exact, participated in the free bitcoin giveaway. During that time, bitcoin was only trading at around $336. But had all recipients of the free bitcoin let their crypto wallets sit idle, they, collectively, would have been $44.1 million richer by today’s prices.

While the majority of the participants got rich by holding on to their bitcoins, some regretted spending them on sushi. “One of the worst things and one of the best things at MIT is this restaurant called Thelonious Monkfish. I spent a lot of my crypto buying sushi,” said participant Van Phu, who is still kicking himself for spending a lot of his bitcoin on sushi during his time at the university. Quantitative trader Sam Trabucco, who also took part in the giveaway, projected that roughly 50% of the people he knew spent their crypto spoils on fish. “It was the only restaurant in Cambridge that was accepting bitcoin at the time, and it was a pretty popular spot,” he said. Thelonious Monkfish has since changed its name and retired its bitcoin payment policy.

Source: CNBC