One new Independent School in Lomond School in Helensburgh, Argyll and Bute – is going a step further. From the autumn term of 2024, they will accept payment of school fees in Bitcoin! The college was created in 1977 through the amalgamation of Larchfield School and St Bride’s School for Girls. It now continues to educate students from nursery ages three through 18 years of age. The decision to incorporate cryptocurrency into its payment system comes in response to requests from parents, reflecting the school’s commitment to innovation and independent thinking.
At Lomond School, annual tuition can be as much as £38,000. Climate change is costing us, and Bitcoin’s popularity and value is skyrocketing in 2024. The school would love to widen its payment options but this would involve remaining compliant with complex UK financial regulations. Lomond School promises that all Bitcoin transactions will be safe, secure and transparent. They agree to respect anti-money laundering provisions and pay their taxes.
Despite these potential upsides, Bitcoin is incredibly volatile. What’s more, prices can vary wildly at the whims of market demand, creating enormous risk for institutions and parents alike. Lomond School is determined not to shy away from these risks. They will then convert Bitcoin payments into UK pounds as soon as they receive them, thereby mitigating any currency risk associated with the volatility of the cryptocurrency.
Claire Chisholm, head teacher of Lomond School, said she was delighted to offer this new payment option. She wrote, “For decades, this school has provided an environment where inquirers, thinkers, communicators and open-minded risk-takers flourish.” This ethos and thought process blends seamlessly with the experimental spirit of the school.
The decision to start accepting Bitcoin further highlights the school’s commitment to ensuring it is at the forefront of changing financial landscapes. Their decision underscores a growing trend in education to accept different forms of payment and adapt to the digital-first economy.
Lomond School has an outstanding track record of developing fantastic young people. Arguably its most well-known alumni is John Logie Baird, known as the inventor of the television. Chisholm pointed to this legacy as a part of the school’s history of encouraging out-of-the-box thinking and creativity in its students.
