Mayor Jayson Stewart of Cool Valley, Missouri, plans to give all of the town’s 1,500 residents $1,000 worth of Bitcoin. “Look, it’s digital gold,” Missouri Mayor Stewart told local news outlet KDSK, citing one of the most common phrases used by Bitcoin advocates. “I would like to see every single household 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.
Mayor Stewart hopes to launch his Bitcoin project by the end of the year and is eyeing a number of potential sources to fund it. He said, “I have some very supportive donors who have agreed to match any money that I raise up to several millions of dollars. I’m trying to get a few government funds to go along with that. Or potentially some of the relief money that comes in from the Covid relief,” he further noted. The mayor is even reportedly considering the use of the city’s own funds. “It’s possible,” he said. “We’ll see how it goes.”
“We’re putting in a place like a vesting schedule for Bitcoin.”
Though Missouri residents may receive bitcoin soon, there is a stipulation. Cool Valley residents could soon receive free Bitcoin, but they won’t be able to sell it—at least initially. “We’re putting in a place like a vesting schedule for Bitcoin,” Missouri Mayor Stewart said. “The idea is that maybe 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 see it “sitting at like $500,000 all these years later.” Earlier, El Salvador had passed a law making bitcoin an optional legal tender.