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Mayor of Cool Valley to Give $1,000 in Bitcoin to each Resident but with Strings Attached, See Why

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The Mayor Jayson Stewart of Cool Valley, a city in Missouri in the United States with less than a population of 2,000 people has stated his intention of giving each resident of the town bitcoins worth over $1,000 dollars although there’s a clause to it.

 

This was revealed in the report by media outlet ksdk where the mayor gave several bullish comments about the first cryptocurrency by market  capitalization, Bitcoin. He referred to the crypto asset as digital gold;

 

“Look, it’s digital gold,” said Mayor Stewart. “I would like to see every single household in my city receive some level of Bitcoin, whether it be $500 or $1,000.”

 

See also:Second Largest Mortgage Company in the US to Accept Payments in Bitcoin

 

However, as regards where the fund to give the residents will come from, Mayor Stewart noted that the funds would come from a number of investors as well as government funds and the Covid-19 relief funds;

 

“I have some very supportive donors who have agreed to match any money that I raise up to several millions of dollars, I’m trying to get a few government funds as well to go along with that. Or potentially some of the relief money that comes in from the Covid relief.”

 

Read more:Atlas Capital partners with Earnathon to build a Blockchain Campus in Africa

 

Conditional 5 year Hodl

The mayor revealed in the report that the residents wouldn’t be able to sell off the Bitcoin at distribution for a number of 5 years at least. He noted that he was trying to encourage an investment culture;

 

“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. 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.”

 

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