Center Valley’s DeSales Students Eager for Cryptocurrency Education

By

bitcoin Elisabeth Felten
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desales MBA program

When preparing for a lecture on multinational accounting, a nagging feeling came over me.

Part of the presentation included Venezuelan currency, and given its on-going economic turbulence, I thought I’d better go online and check the current state of affairs.

As I suspected, I found that Venezuela had launched its own central bank digital currency in an effort to address hyperinflation.1 Not wanting to take my lecture in that direction, I changed a few slides and put cryptocurrencies out of my mind.

A few days later there was a knock on my office door. There stood two students from my financial accounting class wanting to know about cryptocurrencies. They were investors in Ethereum and Cardano and wanted to know how capital gains were calculated for cryptocurrency transactions.

My surprise at their unforeseen question quickly was replaced by dread: my students knew more than I about cryptocurrencies and clearly, I could no longer avoid the topic.

Later that day in class, I polled my students to gauge their knowledge and use of cryptocurrencies. When asked how many invest in cryptocurrencies, a surprising number of them raised their hands.

One even mined it. I also learned that some started investing in crypto in high school as, at the time, exchanges didn’t impose an age restriction and cryptocurrency was the only investment vehicle available to people under age 18.

Others knew little about the subject and wanted the basics, such as what is cryptocurrency, why is it needed, would the United States ever adopt it, and how is it regulated? More advanced questions included, “How are unrealized gains reported on the balance sheet?” One student wanted to know when it could be used to pay tuition. My key takeaway from these business students is that they are eager for more information.

Most of those who invested in cryptocurrencies said they got their information from YouTube, but were unsure if that was the most reliable source. Others dove into their investments without knowing much at all, just hoping for the best.

Asked if cryptocurrency was being discussed in other business classes, they said most professors, when questioned, had no interest in the topic and were unable to engage in a conversation. Ouch.

With companies such as Microsoft and AT&T accepting cryptocurrency as payment,2 the emergence of crypto-IRAs, and students handling their own investments, the time has come for cryptocurrencies to be included in the accounting curriculum. Now that Bitcoin can be purchased from ATMs at the local gas station, the average person has easy access. Such ease may mean taxpayers who enlist the aid of student-staffed Volunteer Income Tax Assistance programs could have cryptocurrency transactions.

So, how do we ready ourselves for a discussion on cryptocurrencies? I was fortunate to find an introductory training session offered by the criminal justice department of my university about cryptocurrency, virtual currency markets, and cryptocurrency investigations of criminal activity.

As cryptocurrencies continue to gain in popularity, we owe it to our students to start a conversation.

Elisabeth Felten, CPA, is assistant professor of business at DeSales University in Center Valley, Pa. She teaches accounting, finance, and data analytics. She can be reached at elisabeth.felten@desales.edu. Original article ran here in PICPA.

To hear more from Professor Felten, plan to attend PICPA’s Not-for-Profit and Government Accounting Conference on July 25-26, where she will discuss the future of accounting.

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1 Saleha Riaz, “Bitcoin, Ethereum Rise as Venezuela Launches Digital Currency,” Yahoo!News (Oct. 1, 2021). 
2 Ofir Beigel, “Who Accepts Bitcoin as Payment?” 99Bitcoins (Jan. 9, 2022). 

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