Missouri mayor suggests giving residents as much as $1K in Bitcoin
The mayor of Cool Valley, Missouri stated he was exploring giving greater than $1 million in Bitcoin to town’s 1,500 residents.
In a Thursday interview with St. Louis information outlet KSDK, Mayor Jayson Stewart said he wished to see “every single household in my city receive some level 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) town would be capable to distribute to every resident, however steered it might be any quantity as much as $1,000 — roughly $1.5 million, or greater than 30 BTC on the time of publication. However, he additionally hinted the funds may require Cool Valley residents to HODL for 5 years.
“My number one concern is that someone just sells their Bitcoin to pay their car note, and then when Bitcoin is sitting at like $500,000 all these years later, they’re going to really regret that,” stated Stewart.
“I feel that fundamentally, this is the best way to meet [everyone’s] basic needs — to get Bitcoin into the hands of people who can use it 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 each American $1,000 a month in common fundamental earnings, or UBI. Though he did not obtain the Democratic occasion nomination, UBI was typically within the media highlight and had seemingly robust help.
Related: NYC’s mayoral frontrunner pledges to show metropolis 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 permitting residents to pay taxes with Bitcoin and stated he was aiming for town to have the “most progressive crypto laws.”
As knowledge from Cointelegraph Markets Pro reveals, the value of Bitcoin is $48,710 on the time of publication, having briefly risen to greater than $49,000 earlier at this time.