Cool Valley Mayor Jayson Stewart has petitioned to give each resident up to $1,000 in Bitcoin. But, the deal comes with a catch.
Residents of a little-known Missouri town could become the first in the nation to dole out cryptocurrency to its residents. That dream could become a reality if the Mayor of Cool Valley, Jayson Stewart, has his way. According to KSDK News, Stewart has begun to raise funds in order to give the town’s 1500 or so residents a crash course in cryptocurrency by giving them $1,000 in BTC each.
Stewart thinks that holding digital currency could transform the town substantially in years to come. “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,” the Mayor says. He adds that most of the capital to fund the project will be donated from several anonymous Bitcoin investors. “I have some very supportive donors who have agreed to match any money that I raise up to several millions of dollars,” says Stewart.
He adds that the town is trying to secure government funding for the project to go along with private investments. He suggests that “some of the relief money that comes in from the COVID-19 relief,” could be used for the project as well. It is also possible the city might step up and fund the experiment.
Stewart says that he believes the digital currency is like digital gold and that he would “like to see every single household in my city receive some level of Bitcoin, whether it be $500 or $1,000.
But…there’s a catch
As the saying goes, if it sounds too good to be true, it probably is. And while the deal Stewart has proposed is good, there is a pretty big string attached to the deal. Anyone who participates in the program can not sell the digital currency for “a few years.”
“We’re putting in a 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.” The mayor’s office is working on ideas because Stewart says his biggest concern is that someone just sells their coin immediately to pay off a car or some other short-term financial need. “And then when Bitcoin is sitting at like $500,000 all these years later, they’re going to really regret that,” claims the Mayor.
Stewart says that the city will also offer free classes to residents about how to use and store cryptocurrency securely.