bitcoin

Two private preschools in New York have announced that they will be accepting payment for tuition fees in Bitcoin, their co-founder announced this month.

Marco Ciocca, co-founder and chairman of the Montessori Schools in Flatiron & Soho, said inquiries from parents over whether the option was available had grown significantly of late, prompting the schools to add the option to pay in Bitcoin and two other cryptocurrencies earlier this month.

Ciocca confirmed that about 10 parents of the roughly 300 students have opted to pay in Bitcoin so far, but he predicts that the number is likely to rise as the popularity of cryptocurrency continues to grow.

“If we talk about just the sort of transactional ease… I think this form of payment will continue to grow,” he said.

“Parents who were early adopters are now able to take advantage of the appreciation of their digital assets and use them to pay for their children’s education – something that will ultimately have a lifetime impact on their families.”

According to their websites, tuition at the schools can run as high as $30,950 per annum – worth roughly 12.3 Bitcoin.

“As a forward-thinking administration, we like to stay ahead of the curve and would not be surprised if the percentage of tuition paid in digital currencies continues to grow every year and becomes a substantial portion of our payments,” Ciocco told CoinDesk in an interview. 

Bitcoin is a digital currency first used in 2010, which has since seen an incredible growth in popularity due to its ease and security. Bitcoin reached a record high on Tuesday, climbing above $2,900 for the first time.