Missouri city to distribute bitcoins to all residents

The mayor of Cool Valley, Missouri, Jason Stewart, plans to distribute bitcoins to all residents. He is seeking funding for a project that aims to launch by the end of 2021, according to local TV station KSDK.

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\”Listen, this is digital gold. I would like every household in my city to receive bitcoins to some extent, whether $500 or $100,\” said Stewart.

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According to the mayor, most of the funds will come from several investors whose names were not disclosed. He noted that \”generous benefactors\” are prepared to invest several million dollars in the project.

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Stewart is also seeking support from several government funds. Some of the financing could be attracted through stimulus payments in the wake of the COVID-19 pandemic. The official does not rule out using budget funds.

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The project envisions residents of Cool Valley receiving cryptocurrency under certain conditions. In particular, they would be unable to spend bitcoins for several years.

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\”We are introducing something like a vesting schedule for digital gold. The idea is that you cannot spend the cryptocurrency for five years until you have full access to it,\” explained Stewart.

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According to him, residents would rue spending payouts in digital assets to cover another mortgage or car payment. He believes that in a few years this cryptocurrency will be worth \”hundreds of thousands of dollars.\”

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Stewart stressed that the idea for the project was prompted by the experiences of acquaintances.

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\”I have friends whose lives have completely changed. Just a few years ago they worked nine-to-five, and now own a fortune worth more than $80 million,\” he said.

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In addition to Stewart, Bitcoin also has the backing of Miami Mayor Francis Suarez. In December 2020, he announced that city authorities would consider the possibility investing 1% of municipal budget reserves into Bitcoin.

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In January 2021, Suarez spoke of creating a team to develop a plan for more active involvement of the city in the cryptocurrency industry, and in February the city commission voted to study options for integrating Bitcoin into municipal infrastructure.

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In the same month, the Miami mayor said he intended to allow city workers to receive salaries in digital gold. Later, he announced plans to make the city a hub for Bitcoin mining.

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In June, Suarez said he planned to attract miners persecuted by the Chinese government to Miami, granting them access to nuclear energy.

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