Jayson Stewart, the mayor of Cool Valley, Missouri, recently revealed his plans to give $1,000 in bitcoin for all 1,500 residents of the city. But there is a catch. Bitcoins that residents receive from the mayor cannot be sold, that is, they will be required to keep the coins.
According to an article by the town’s local news agency on Thursday, Stewart called bitcoin “digital gold” and said he believed cryptocurrency could transform the lives of townspeople and make them rich in the future. .
The mayor also reinforced his reason for the idea, stating that there are people who have become multimillionaires in a few years by owning bitcoin.
“I have friends whose lives have been completely changed, like going from a normal nine-to-five job to having more than 80 million dollars in a matter of a few years.”
$1000 in Bitcoin
The mayor is now raising money to be able to accomplish the unprecedented feat and believes the majority of funds to fund the program will come from various anonymous bitcoin investors as well as city funds.
“I have some donors who supported me and agreed to match all the money I raise up to several million dollars. I’m trying to get some government funds to do that too. Or, potentially, some of the bailout money that comes from bailing out Covid.”
The value in bitcoin will be given to each resident of the city and will be blocked so that they cannot sell in the next five years. After that, residents will be able to sell the coins.
“We are establishing a resource acquisition schedule for bitcoin. The idea is that maybe you won’t touch it for five years before you actually have full access. We’re working on ideas like this because that’s my main concern.”
Reactions from city residents were favorable. Some of them expressed enthusiasm for the idea of owning bitcoins. A resident of the city said that Bitcoin is “the next big thing.”
The mayor hopes to put the idea into practice by the end of 2021 as he joins a list of US mayors who support bitcoin. As reported by CryptoPotato in July, Scott Conger, mayor of Jackson, Tennessee, announced that the city was considering accepting bitcoin as a tax payment.
New York mayoral candidate Eric Adams has vowed to make New York the “bitcoin hub.”
Meanwhile, Miami Mayor Francis Suarez is leading the bitcoin adoption train. In February, the City of Miami Commission voted in favor of Suarez’s proposal to make bitcoin wage payments optional for city workers.