Missouri Mayor suggests giving residents up to $ 1,000 in Bitcoin

The mayor of Cool Valley, Missouri, said he plans to give more than $ 1 million in Bitcoin to the city’s 1,500 residents. In an intervie...



The mayor of Cool Valley, Missouri, said he plans to give more than $ 1 million in Bitcoin to the city’s 1,500 residents.

In an interview Thursday with the St. Louis newspaper KSDK, Mayor Jayson Stewart noted he wanted to see “every household in my city receiving a certain level of Bitcoin”. Stewart said the funds would likely come from some “very supportive donors,” but did not rule out using the money from the government’s pandemic response response to get the business started.

The mayor did not specify how many Bitcoin (BTC), the city would be able to distribute to every resident, but suggested it could be any amount up to $ 1,000 – around $ 1.5 million, or more than 30 BTC at the time of publication. However, he also hinted that the funds could bind Cool Valley residents to HODL for five years.

“My main concern is that someone is selling their Bitcoin to pay their car bill, and then when Bitcoin is sitting around $ 500,000 all these years later, they’re really going to regret it,” said Stewart.

He added:

“I think basically it’s the best way to meet [everyone’s] basic needs – to put Bitcoin in the hands of the people who can use it the most.

Stewart’s Bitcoin initiative is similar to that proposed by 2020 US presidential candidate Andrew Yang. Yang supported give to every American $ 1,000 per month of Universal Basic Income, or UBI. Although it did not receive the Democratic Party nomination, UBI was often in the media spotlight and had apparently strong support.

Related: New York mayor pledges to turn city into Bitcoin hub

Lawmakers in other US cities have also taken a pro-crypto policy stance. Francis Suarez, mayor of Miami since 2017, proposed allow residents to pay taxes with Bitcoin and said he was aiming for the city to have the “most progressive crypto laws.”

As Cointelegraph Markets Pro issuance data, the price of Bitcoin is $ 48,710 at the time of publication, after briefly increased to over $ 49,000 earlier today.