A Scottish boarding school has begun to accept Bitcoin as tuition fees. This could open the door for others to do the same. We discuss this in the article below.
The education establishments of the United Kingdom are renowned across the globe. From Eton to Harrow, and higher education places of learning like Oxford and Cambridge, knowledge is essential to the fabric of British society. Yet these places are often steeped in tradition, with practices that have not changed for hundreds of years. All that is about to change.
Bitcoin Payment for Tuition Fees
Located in Helensburgh, Argyll, and Bute, Lomond School is a £38,000 per year fee-paying school. It has decided to allow payments for its fees in cryptocurrency after both foreign and domestic parents asked for the service. Bitcoin is seen as a great way to transfer money across borders, as it does not involve the high fees usually added by banks and institutions.
The school plans to start accepting cryptocurrency in phases. It will then convert the money into pounds. The school was keen to add that it will be fully complying with UK financial Regulations on how to accept Bitcoin as a payment method. Ƶ well as conversions, it will also begin to build a store of this wealth if increased adoption takes part in the United Kingdom.
The school has accepted Bitcoin volatility and understands the risks. This has been especially true over the past few months, where changing macroeconomic conditions have seen thego from highs of $103,332 in January, to settle at the current price of around $85,598. With continuing questions over the state of the global economy, they may be viewing Bitcoin as a hedge against inflation and turbulent times.
Bitcoin Reserves
Most telling from this, and interesting to cryptocurrency investors, is how the school is considering using Bitcoin as a reserve. This shows continued confidence in the long-term value of the currency, from a business dating back over 100 years. It also mirrors sentiment from many governments and institutions around the globe.
The most famous of these in recent news has been the US administration's plans to open up a Bitcoin Strategic Reserve, along with several other cryptocurrencies. While plans are still in operation, it is believed that these funds will be made of coins seized through criminal activity. This caused much speculation in the community and was part of the reason that Bitcoin managed to reach an all-time price high.
However, this is no new concept. There are plenty of countries that have stores of Bitcoin, though the exact figures are hard to attain. It is rumored the UAE has $36 billion stored away, with the United States and China following at $16 billion.
Some countries, like Bhutan, have used natural resources like hydropower to fuel Bitcoin mining. This has then been converted into fiat currency and used to pay their civil servants extra wages in an attempt to stop a labor shortage in the country.
However, it has not all been plain sailing. El Salvador was one of the first countries to launch a wholesale adoption of Bitcoin. It now holds 6,147.BTC, and was once on a strategy of buying a coin every day. Its crumbling economy has forced it to roll back these plans to receive a bailout from the IMF. One law that had to be amended was that Bitcoin had to be accepted as a currency and that it was up to businesses to decide if and when they would take it. It had been legal to pay for anything in Bitcoin, including bills and taxes.
Lomond School
is currently the only day and boarding school on the west coast of Scotland. It accepts pupils from ages three until 18, taking them from nursery all the way through college years. It was created in 1977 when a previous school from 1845 called Larchfield Academy merged with St Bride's School for Girls, founded in 1895.
The school has had some quite prestigious alumni over the years. The most famous of these was John Logie Baird, who invented the television. Several other high-profile scientists and researchers have emerged from the school, in addition to politicians.
The school has many international students and parents who have requested to pay fees in crypto. This would make it the first school in the United Kingdom to do so. It also added that it is in line with the school's ƵEthos of independent thinking and innovationƵ.
It is unknown if any other UK schools will begin accepting cryptocurrency in response to this. It is unlikely that higher university institutions will, as they are linked to the student loans system and many are overseen by the government. However, it would not be out of the question to see more follow suit, especially as Bitcoin takes up more institutional adoption.
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