Speculating with small amounts of borrowed money will get you nowhere. In your case, investing in your education is the way to go - attend a language course, learn a skill, etc. It may not be as exciting as dumping all the money into a "get-rich-quick" scheme, but it is almost certain to provide you with a greater return in the long run.
I believe the loan will be paid after his studies ended and he is employed. So if he spend it now, it doesnt matter if for new phone/comp or Bitcoin