King’s College, a conservative evangelical college in New York City, is now accepting Bitcoin for tuition, making it the first United States university to do so. Hallelujah! The school, which is located within spitting distance of Wall Street, is also accepting the digital currency for “other expenses and donations.” Per a statement from King’s College: “As the first institution of its kind to make this move and accept digital currency, The King’s College will signal to other institutions that Bitcoin acceptance is not simply for technology companies. Much like the first universities or businesses to obtain email addresses, The King’s College is standing at the forefront of change.”
Bitcoin can already be used to purchase a plane ticket, donate to a political campaign and pay a satellite TV bill. Beginning this fall, it can also be used to pay for a college education. On Friday, King’s College, a four-year evangelical school based in Lower Manhattan, said that it would become the first accredited college to allow students to pay their tuition in Bitcoin. It’s also the latest in a growing list of groups that have begun accepting virtual currency, fueled by a cottage industry dedicated to making online money easier to use. A small liberal arts college committed to “the truths of Christianity and a biblical worldview,” King’s charges $15,950 a semester for 12 to 18 credits, according to its website. King’s has about 500 students, according to the school’s president, Gregory Thornbury. But Mr. Thornbury does not know how many of those students, or future students, will actually take advantage of the new payment method. That’s not surprising, given that many merchants say that just offering Bitcoin as an option can be a useful marketing tool. Mr. Thornbury said that the school was primarily motivated by the desire to be forward-thinking.
