The mayor of a small Missouri town, Cool Valley, plans to deliver Bitcoin (BTC) to everyone in his town. Mayor Jayson Stewart will offer up to $ 1,000 in BTC to all of the 1,500 or so residents.
But there is an obvious caveat: They cannot sell the free bitcoin they will receive, at least for a couple of years.
Mayor Stewart wants to launch BTC over the air
According to a report from the local publication, KSDK, Stewart is currently raising money so he can give BTC to residents. He believes that most of the funds to fund the program will come from multiple anonymous Bitcoin investors, as well as city funds.
“I have some very supportive donors who have agreed to match the money I raise up to several million dollars. I'm also trying to get some government funding to go along with that. Or possibly some of the aid money that comes from the Covid aid. "
While describing Bitcoin as "digital gold," the mayor seeks to deliver the cryptocurrency to every household in Cool Valley, "whether it's $ 500 or $ 1,000," by the end of this year.
Stewart's Mandatory 5-Year HODLing Plan
Stewart goes on to tell the publication that he has several friends whose lives have been completely changed for the better to the point that they quit their regular jobs and became billionaires within the span of a few years.
The price of bitcoin has grown exponentially in recent years. The latent cryptocurrency surpassed $ 48,000 today for the first time since May, much to the chagrin of bears. Stewart is of the opinion that BTC will continue to rise and doesn't want its residents to regret it later after selling too early. As such, it will be at least 5 years before they can get their hands on bitcoin.
“We are implementing a rights acquisition schedule for Bitcoin. The idea is that you might not touch it for five years before you actually have full access to it. We are working on ideas like that because that is my main concern. Someone simply sells their Bitcoin to pay for their car note. And then when Bitcoin feels like $ 500,000 all these years later, they will really regret it, ”the mayor explained.
At the moment, it has not been determined how the BTC will be distributed to the 1,500 residents. However, Stewart suggests knocking on people's doors and providing free educational classes on how they can safely use and store cryptocurrency.
Ultimately, the crypto-friendly mayor envisions the town of Cool Valley and all the people in it getting richer from the Bitcoin investment movement.