Mayor Jayson Stewart of Cool Valley, Missouri, intends to give $1,000 in Bitcoin to each of the town’s 1,500 residents.
“Look, it’s digital gold,” Mayor Stewart told local news outlet KDSK, referring to one of the most popular phrases used by Bitcoin supporters. “I’d like to see every household in my city receive some amount of Bitcoin, whether it’s $500 or $1,000.”
Mayor Stewart hopes to launch his Bitcoin project by the end of the year and is looking for funding from a variety of sources.
“I have some very generous donors who have agreed to match any money I raise up to a million dollars.” I’m attempting to secure some government funds to go along with it. “Or possibly some of the Covid relief money,” he explained.
Furthermore, the mayor is reportedly considering using the city’s own funds. “It’s conceivable,” he said. “We’ll see how things go.”
The HODL is a five-year plan.
There is, however, a catch. Residents of Cool Valley may soon receive free Bitcoin, but they will not be able to sell it—at least not at first.
“We’re putting in place something akin to a Bitcoin vesting schedule,” Mayor Stewart explained. “The idea is that you don’t touch it for five years before you really get full access to it,” he added, noting that citizens would “really regret” using Bitcoin today to pay off their car payments only to find it “sitting at like $500,000 all these years later.”
The exact method by which the Bitcoin will be distributed to residents is unknown, but Stewart suggests knocking on doors and offering free classes on how to use and store Bitcoin to the locals.
“My daughter believes it is the next big thing. The electronic money, “Ramon Nickels, a resident of Cool Valley, told KDSK.
Bitcoin’s high-ranking associates
Mayor Stewart is not the only mayor in the United States who is all in on Bitcoin. His Miami counterpart, Mayor Francis Suarez, has long been a supporter of cryptocurrency.
Mayor Suarez personally purchased Bitcoin and Ethereum in May of this year, putting his money where his mouth is after months of advocating for cryptocurrency and recruiting for his own cryptocurrency-specific team.
Since then, Miami has come to be associated with cryptocurrency. Apart from hosting this year’s Bitcoin conference, Miami has focused on attracting Bitcoin miners, allowing residents to pay taxes in cryptocurrency, and even considering investing government funds in Bitcoin.
MiamiCoin, the city’s own cryptocurrency, was launched earlier this month.