The mayor of Cool Valley, Missouri, has announced plans to award bitcoin worth up to $1,000 to the city’s residents. However, such a proposal is not without conditions.
According to a report by local news station KSDK on Thursday (August 19, 2021), Jayson Stewart has stated his desire to offer each of Cool Valley’s 1500 residents either $500 or $1000 in Bitcoin. Stewart, who also refers to the cryptocurrency as “digital gold,” believes that it has the potential to improve the lives of the city’s residents and to make them wealthy. The mayor of Cool Valley bolstered his argument for the concept by claiming that there are individuals who have become multimillionaires in a matter of years by holding bitcoin.
“I have friends whose lives have been completely changed, like going from working a regular nine to five job to being worth over 80 million dollars in a matter of a few years.”
Bitcoin to 500,000 dollars?
Stewart’s bitcoin idea, however, comes with a catch: recipients would be unable to sell the BTC for five years, which the mayor claims will prevent citizens from having regrets when bitcoin’s price reaches a potential “half-a-million-dollar level.” According to the head of Cool Valley:
“We’re putting in place like a vesting schedule for Bitcoin. The idea is that maybe you don’t touch it for five years before you really get full access to it. We’re working on ideas like that because that’s my number one concern.”
Stewart continued: “Someone simply sells their bitcoin in order to pay off their vehicle loan. And then, when Bitcoin reaches a value of around $500,000 years later, they’re going to really regret it.”
The mayor aims to start the scheme by the end of 2021, with funding provided in large part by numerous unidentified bitcoin investors. Stewart is also considering polling resources from government grants or Covid relief money. Stewart stated that another probable source is city funds, adding, “It is possible.” We’ll see how things proceed. We’ll see how things go.”
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