Uncertainty Looms Over Future Of RMIT's Blockchain Research Hub

According to Cointelegraph, the future of the Blockchain Innovation Hub at RMIT University in Australia is uncertain amid a significant rally in the cryptocurrency market. Professor Ellie Rennie, a member of the hub, initially claimed on social media platform X that the research center had been "shut down" by the university without a clear explanation. However, her husband, Professor Jason Potts, who co-directs the hub, clarified that the situation is still under discussion and no final decision has been made regarding its closure. The hub, established in 2017, is currently undergoing a consultation process with staff, which is expected to last a week. During this period, Potts is tasked with presenting a viable financial plan to ensure the hub's sustainability. Sources familiar with the matter indicated that the hub has struggled to produce high-quality research necessary to secure sufficient funding for self-sustainability. This development comes at a time when cryptocurrencies, particularly Bitcoin, have gained renewed attention, with Bitcoin's value surging by 45% following Donald Trump's election victory and his promise to reform crypto regulations in the United States. An anonymous source revealed that Potts and co-founder Professor Chris Berg have consistently described the hub as an "experiment." Potts emphasized the hub's goal of creating "a new type of business school" where academics are encouraged to engage with the industry and adopt an entrepreneurial approach. The source noted that publishing in top-tier journals, which is crucial for a university's reputation and research funding, was considered a secondary priority. The university reportedly aimed to quickly establish a reputation in the blockchain sector to attract students and enhance industry relevance, which did not align with traditional academic procedures. The decision on the hub's future ultimately rests with RMIT's Deputy Vice-Chancellor of Business, Professor Colin Picker. The hub's unique approach, which prioritized industry engagement over conventional academic timelines and practices, has been a point of contention. The outcome of the ongoing discussions will determine whether the hub can continue its operations or face closure.