Red & Yellow, a well-known business and creative school in South Africa, believes it is pioneering its payment methods by allowing their student to enroll on a bankroll of Bitcoin.
There have been rumblings around universities and other tertiary education centers globally when it comes to Bitcoin and payments, and this instance in South Africa seems to reinforce the notion that Bitcoin is ingrained in the millennials.
This is a first for any tertiary education center in South Africa, but not globally. A Swiss University kick-started the trend, but when it comes to Africa, this represents a giant leap forward.
An African leap forward
African citizens have forever battled against the colonial system that has left them scrambling to keep up, both in terms of finance and education. While the level of education continues to rise, it is developments like this, with digital currencies such as this, that marks a potential for Africans to do some leapfrogging.
The fact that digital currencies do not discriminate, nor have any prejudice when it comes to their use, makes them not only ideal for a youthful market, but also one for those who have been let down badly by western-style Banks.
Business schools, tertiary education centers and universities alike are essentially in place to prepare students for the future, and to this end, there is an integration of a potentially global future currency that seems at home in this setting.
Bitcoin, as the leader in the adoption of digital currencies, is not only an interesting case study and sector for study - with regards to the Blockchain - but it is making its real-world impact felt with those who could be shaping the future.
“The world is changing rapidly, as are our students and it’s our responsibility to ensure we are serving their future-focused needs,” said Rob Stokes, chairman of Red & Yellow and founder of digital agency pioneer, Quirk.
Here to stay
While Wall Street and other institutionalized money investors may be chanting ‘bubble’ whenever Bitcoin is mentioned, the youth of today thinks differently.
To that end, Quirk has noted that this market, of students and youngsters who are venturing into investing with Bitcoin as their first time, should be given a chance to use their earnings.
“The reality is that Bitcoin is here to stay and with many youngsters having made a good return on their investment in cryptocurrencies, they now want to use this digital cash to invest in their education, as future leaders.”
Good for students, good for schools
It is not only a positive for students to be able to pay for their education with Bitcoin, but it is good for the faculty.
Youngsters who may never have had a college fund or even money to go to university now have a direct route in which to spend any gains they have accrued from savvy investing.
Professor. John Simpson, former head of management studies at UCT, who is now leading the same faculty at Red & Yellow, said:
“Not only will this make our offerings more accessible to the public – individuals and organizations – but it will set us apart on an international scale, regardless of the market.”
Setting a new trend?
A trend seems to be developing in this space which caters for what must be cryptocurrencies’ biggest market - the 18 to 20-somethings. Those entering university are the majority in an age bracket that are firstly drawn to cryptocurrencies, and secondly, a bracket that is shaping the future.
It would go hand in hand then that tertiary education centers make their services available in Bitcoin as they have the captive market, and that market is economically freeing themselves through digital currencies.