The mayor of Cool Valley, Missouri stated he was exploring giving greater than $1 million in Bitcoin to the town’s 1,500 residents. 

In a Thursday interview with St. Louis information outlet KSDK, Mayor Jayson Stewart said he needed to see “each single family in my metropolis obtain some stage of Bitcoin.” Stewart stated the funds would doubtless come from some “very supportive donors” however didn’t rule out utilizing cash from the federal government’s pandemic aid response to launch the enterprise.

The mayor didn’t specify how a lot Bitcoin (BTC) the town would have the ability to distribute to every resident, however recommended it could possibly be any quantity as much as $1,000 — roughly $1.5 million, or greater than 30 BTC on the time of publication. Nevertheless, he additionally hinted the funds may require Cool Valley residents to HODL for 5 years.

“My primary concern is that somebody simply sells their Bitcoin to pay their automotive observe, after which when Bitcoin is sitting at like $500,000 all these years later, they’re going to actually remorse that,” stated Stewart.

He added:

“I really feel that essentially, that is one of the best ways to fulfill [everyone’s] fundamental wants — to get Bitcoin into the arms of people that can use it essentially the most.”

Stewart’s Bitcoin initiative is much like that proposed by Andrew Yang, a candidate within the 2020 U.S. presidential election. Yang supported giving every American $1,000 a month in common fundamental revenue, or UBI. Although he did not obtain the Democratic get together nomination, UBI was typically within the media highlight and had seemingly sturdy assist.

Associated: NYC’s mayoral frontrunner pledges to turn city into Bitcoin hub

Lawmakers in different U.S. cities have additionally taken a pro-crypto coverage stance. Francis Suarez, the mayor of Miami since 2017, has proposed allowing residents to pay taxes with Bitcoin and stated he was aiming for the town to have the “most progressive crypto legal guidelines.”

As data from Cointelegraph Markets Pro shows, the worth of Bitcoin is $48,710 on the time of publication, having briefly risen to more than $49,000 earlier at this time.