IN CHICAGO,
Cryptocurrency has become an integral feature of some finance courses at DePaul University.
Bitcoin was barely mentioned at the end of assistant professor Lamont Black's undergraduate and graduate finance seminars until recently.
It was the last day of class, "the fun day," when they talked about the future of money and the potential of bitcoin and other cryptocurrencies, according to Black. However, times have changed.
Digital currency is now being discussed in class as part of the definition of money, which is a key subject in courses on money, banking, and capital markets.
"My students are already thinking about it in class," Black said.
Lessons on bitcoin and its underlying technology are cropping up in university classrooms across Illinois, just as the digital currency has penetrated discussions, headlines, and financial markets.
Some instructors are changing lesson plans that previously only touched on the issue, while others are introducing complete bitcoin and blockchain modules to their curriculum.
Late last year, the price of bitcoin reached over $19,000, leading many people on a hunt for wealth and a greater knowledge of the possible gold strike.
The CBOE Futures Exchange became the first standard exchange to offer bitcoin futures trading in early December.
Shortly after, virtual currency contracts emerged on the Chicago Mercantile Exchange.
These landmarks gave bitcoin respectability, and public interest has persisted even as its price has fallen - it was trading at around $9,300 on Thursday.
Though many experts are skeptical about bitcoin's long-term prospects, it's becoming evident that students' understanding of cryptocurrencies and blockchain, the technology that underpins digital currencies, could be crucial for their future jobs.
Sarit Markovich, an associate professor at Northwestern University's Kellogg School of Management, explained, "It's not so much about being ahead .
Many parties, from lone developers to financial companies like Northern Trust, are seeking new ways to leverage blockchain technology in a variety of areas.
The blockchain is a digital database that records bitcoin transactions.
It's decentralized and open, letting anyone to keep track of transactions as they're recorded in chronological order on the blockchain.
Although it is possible to write and insert additional documents into the blockchain, the software is now mostly used to validate transactions.
Markovich first mentioned bitcoin and blockchain in a five-year-old seminar she taught on financial sector innovation.
Markovich, who holds a doctorate in economics and a bachelor's degree in computer science, is fascinated by financial technology.
The kids, on the other hand, were not as enthralled.
"Filling up the course was difficult for me," she admitted.
"Traditional banking piqued the students' interest.
'We don't want to hear about that.... Tell us about mergers and acquisitions,' they said."
Last year, the switch was flipped, and more than half of the class expressed an interest in learning more about financial technology.
Students have written independent studies on blockchain and bitcoin, and alumni have contacted her.
Markovich has received approval to create a blockchain and cryptocurrency-focused course.
She plans to offer the class next school year for students in the Master of Business Administration degree.
This summer, the Illinois Institute of Technology will offer its first blockchain course.
Although the University of Illinois at Chicago does not currently offer any full-fledged cryptocurrency lectures, finance department head Professor Gib Bassett is preparing a panel discussion on bitcoin in his Chicago Exchanges MBA course later this month.
It will be the first time the course, which he has taught for a decade, would cover bitcoin, and the students were the ones who prompted the change, according to Bassett.
"They're interested in learning more about bitcoin.
It's a tulip bubble, according to their parents "He was referring to the tulip bulb market in 1600s Holland, which exploded in popularity before collapsing.
"It's insane, absurd, and their pals who invested three years ago are now millionaires.
This certainly has a generational component."
The technology behind bitcoin was a considerably more interesting final paper topic for Johny Roumanidakis, a student in Black's class at DePaul's Driehaus College of Business, than the CME futures contracts his group had originally contemplated writing about.
Roumanidakis, 24, is set to graduate soon with a master's in finance and plans to go work for his family's Wheeling-based manufacturing business. Understanding blockchain and bitcoin isn't a necessity quite yet, he said, but it was worth a look. "We just wanted to see if we could wrap our heads around the technology and what drives the value behind it," he said recently, just before class started. "It seems so controversial, and not many people understand it." A row over, two of Roumanidakis' classmates were also getting their feet wet in a formal cryptocurrency education.
Roumanidakis, 24, is nearing completion of his master's degree in finance and hopes to join his family's manufacturing company in Wheeling.
He noted that while understanding blockchain and bitcoin isn't necessary just yet, it's worth looking into.
"We simply wanted to see if we could get our heads around the technology and what drives the value behind it," he remarked recently, shortly before the start of class.
"It appears to be highly divisive, and few people comprehend it."
Two of Roumanidakis' pupils were getting their feet wet in a formal bitcoin course on row.
Dan Gordon, a fourth-year math and computer science student, and Nick Ricciardella, a fifth-year accounting and finance student, own two crowdfunding firms.
They want to use blockchain technology in their profession, and the class is a fantastic place to start, according to Ricciardella.
Venezuela's cryptocurrency is one of the worst investments ever, according to Andrew Miller, an assistant professor of electrical and computer engineering at the University of Illinois at Urbana-Champaign. "Students are captivated by the opportunity blockchain presents for involvement," he said.
Miller is getting ready to teach a course on smart contracts, which are computer programs that run on top of cryptocurrency.
Miller has previously offered classes on the subject, but demand is growing.
Miller was unsure if his class would fit into students' schedules because it began in the middle of the semester, but it quickly filled up.
He expanded the capacity to 64 students, and the room quickly filled up.
Exams and certificates prevent people from working in the traditional banking profession, which is normally only accessible through a financial institution, according to Miller.
The entry hurdle to blockchain is lower.
The community is vibrant and active, and students interested in computer science and engineering are drawn to the opportunity to participate.
"It appears that a lot more is conceivable," he remarked.
Thanks for stopping by my blog.
