Lomond School Accepts Bitcoin for Tuition Payments
Lomond School, a Scottish boarding school, will begin accepting bitcoin for tuition payments, up to $49,711 (£38,000) annually, starting this autumn. The school, claiming to be the first United Kingdom private school to do so, will convert the bitcoin to British pounds to manage currency risk.
The decision, driven by parent requests, aligns with the school’s “ethos of independent thinking and innovation.” While the school emphasizes the security and legality of the transactions, it will only accept bitcoin, not other cryptocurrencies, and acknowledges bitcoin’s price volatility.