Mayor Jayson Stewart of Cool Valley, Missouri, Plans to give every resident up to $1,000 in Bitcoin—however, there is a catch.
Cool Valley, Missouri Mayor Jayson Stewart, is elevating funds to give each resident up to $1,000 price of Bitcoin. Residents would obtain Bitcoin on a vesting schedule and be unable to promote it for a variety of years. Mayor Jayson Stewart of Cool Valley, Missouri, plans to give all of the town’s 1,500 residents $1,000 price of Bitcoin.
“Look, it’s digital gold,” Mayor Stewart told local news outlet KDSK, citing one of the most common phrases utilized by Bitcoin advocates. “I wish to see every single family in my city receive some level of Bitcoin, whether it be $500 or $1,000.”
Mayor Stewart hopes to launch his Bitcoin project by the end of the year and is eyeing a variety of potential sources to fund it.
“I’ve some very supportive donors who’ve agreed to match any money that I raise up to a number of millions of dollars. I’m trying to get just a few government funds to go along with that. Or doubtlessly some of the aid money that is available in from the Covid relief,” he said.
What’s more, the mayor is even reportedly considering using the city’s own funds. “It’s attainable,” he said. “We’ll see how it goes.”
The five-year HODL
Nonetheless, there’s a catch. Cool Valley residents may soon obtain free Bitcoin, however, they won’t be capable of selling it—at least initially BTC Value.
“We’re putting in a place like a vesting schedule for Bitcoin,” Mayor Stewart said. “The concept is that perhaps you don’t contact it for five years earlier than you really get full access to it,” he added, noting that citizens would “actually regret” utilizing Bitcoin immediately to repay their car funds only to see it “sitting at like $500,000 all these years later.”
Precisely how the Bitcoin will be distributed to residents has but to be decided, with Stewart suggesting knocking on doors and offering free classes to the townsfolk on use and retailer Bitcoin.
“My daughter says she thinks it’s the next big thing. The digital currency,” Cool Valley resident Ramon Nickels told KDSK.
Bitcoin’s friends in high places
Mayor Stewart isn’t the one American mayor who’s all in on Bitcoin. His counterpart in Miami, Mayor Francis Suarez, has long been a proponent of cryptocurrency.
In May of this year, Mayor Suarez personally bought Bitcoin and Ethereum, putting his money where his mouth is after months of advocating for cryptocurrency and recruiting for a cryptocurrency-specific team of his own.
Since then, Miami has become synonymous with crypto. Other than hosting this year’s Bitcoin conference, Miami has focused on luring Bitcoin miners to the town, permitting residents to pay tax in crypto, and has even thought about putting government funds into Bitcoin.
Simply earlier this month, Miami launched its personal cryptocurrency, the MiamiCoin.