Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
The University of the Cumberlands (UC) recently concluded an eight-week graduate-level course titled “Bitcoin: Fundamentals, Technology, and Applications,” marking a significant step in academic exploration of the digital asset. Conceived when Bitcoin was approaching new all-time highs, the elective aimed to ground students in Bitcoin’s core principles, moving beyond its speculative aspects to explore its profound implications for money, markets, and management. The program’s mission was explicitly to enhance financial literacy and provide a robust understanding of Bitcoin as a technological and economic phenomenon.
Course Design and Foundational Principles
The course was developed to position Bitcoin not merely as an investment vehicle but as a complex system with deep historical and technological roots. UC, already offering degrees featuring blockchain technology, saw an opportunity to expand its curriculum, working with a course development team to approve the new offering. This initiative sought to broaden students’ perspectives on digital currencies and their societal impact.
Historical Context and Cypherpunk Influences
A significant portion of the curriculum focused on the cypherpunks, tracing their influence from decades prior to the Bitcoin Genesis Block. Key figures such as David Chaum, Adam Back, Nick Szabo, and Wei Dai were examined, highlighting their contributions to early digital currency attempts like DigiCash, Hashcash, and Bit Gold. These pioneers introduced concepts such as proof-of-work, pseudonymity, and consensus algorithms, which collectively laid the groundwork for Bitcoin.
The course also delved into monetary theory, particularly Murray Rothbard’s critiques of the fiat system, as presented in his book “What Has Government Done to Our Money?” This historical analysis helped students understand the motivations behind the cypherpunk movement and the drive to create a decentralized currency free from the pitfalls of government-controlled money. By examining these fundamental questions, the course established Bitcoin as a potential alternative to traditional financial systems.
Balancing Technical Depth and Economic Theory
Given the diverse academic backgrounds of the graduate students, the course design carefully balanced technical explanations with economic theory. Yan Pritzker’s book “Inventing Bitcoin” was a core text, providing accessible explanations of how previous cryptocurrency attempts failed and how their innovations influenced Bitcoin’s creation. This approach ensured that students from various disciplines, including MBA candidates, could grasp both the computer science and economic underpinnings.
Further readings included “The Bitcoin Standard” by Saifedean Ammous, “Mastering Bitcoin” by Andreas Antonopoulos, and “The Price of Tomorrow” by Jeff Booth, alongside articles from crypto media outlets like Cointelegraph. This curated selection allowed students to explore the multifaceted “Bitcoin revolution” comprehensively without being overwhelmed by overly technical jargon.
Academic Rigor and Challenging Conventional Wisdom
Students were tasked with producing graduate-level research papers that bridged theoretical concepts with practical applications. Assignments included evaluating pre-Bitcoin digital currency failures and assessing whether Bitcoin satisfies Mises’ Regression Theorem, a key criterion for “true money.” Weekly discussions also served to challenge common myths surrounding Bitcoin, from its perceived use by criminals to its environmental footprint and price volatility.
One notable outcome was a capstone paper where a student, initially critical of Bitcoin’s energy consumption, concluded through research that its footprint was significantly less than the global financial system. This example underscored the course’s effectiveness in fostering data-driven analysis, enabling students to critically assess and often dismantle prevailing narratives with evidence and theory.
Future Enhancements and Broader Vision
The University of the Cumberlands plans to refine the course based on this initial iteration, including addressing common Bitcoin myths earlier in the curriculum. Future improvements also involve adding a hands-on lab to walk students through the entire Bitcoin transaction process, from initiation to cold storage, explaining both the “how” and “why” of each technical aspect. This aims to provide a practical connection between cypherpunk philosophy and modern applications in traditional and decentralized finance.
The Bitcoin course aligns with UC’s broader mission to promote financial literacy, particularly through its internationally accredited Master of Science in Global Business with Blockchain Technology program. While currently an elective, there is potential for it to become a core component of other university programs, emphasizing that a fundamental understanding of Bitcoin is crucial for any well-rounded blockchain professional.
