The mayor of Cool Valley Missouri has recently hinted at the idea of providing the local residents with more than $1 million worth of Bitcoin. The Mayor, Jayson Stewart has stated his intentions were to provide each household in the city with 1,500 residents with some level of Bitcoin.
The Mayor hinted at the idea in an interview with a news outlet on Thursday. In the interview, the mayor stated he wanted to ensure that every single resident of the city had some level of Bitcoin in their wallets. Mayor Stewart also stated that the funds can be used to pay for the government’s pandemic relief responses, adding that the venture will be launched as incentives for the relief response.
The mayor did not specify the exact amount of Bitcoin that will be distributed to each resident of the city, only implied the funds could be range from any amount between $1k to $1.5 million worth of Bitcoin. The funds will be provided from supportive donors, as the mayor stated.
Each resident should hold their Bitcoin stash rather than selling it to pay for receivables and notes, the mayor added. According to the mayor, distributing Bitcoin to each individual is the best way to meet their basic needs. Providing Bitcoin to the right person who can use it the most, is the aim of the mayor. The biggest concern of the mayor regarding the distribution venture was ensuring that each resident had enough Bitcoin level that would last in the long term, while the funds are provided to meet basic requirements, residents are still advised to hold their Bitcoin for at least five years.
Lawmakers in some parts of the United States have taken a policy stance that supports cryptocurrencies. The mayor of Miami, Francis Suarez, proposed the concept of allowing the residents to pay taxes using Bitcoin with the aim of establishing progressive crypto laws in Miami.
Stewart’s Bitcoin venture is similar to Andrew Yang, a candidate in the U.S Presidential election in 2020. Yang supported the initiative of giving every U.S citizen $1k every month in universal basic income (UBI). Although Yang failed to be nominated by the Democratic Party, the UBI initiative was seemingly met with strong support and was often the spotlight of the media. The price of Bitcoin stands at $48k and briefly rose to $49k earlier today.