Cool Valley Mayor Jayson Stewart is sourcing funds to finance a bold plan which involves distributing bitcoin to the City’s 1,500 inhabitants.
In an interview with local news platform KSDK, Mayor Stewart spoke highly of the world’s biggest cryptocurrency.
“Look, it’s digital gold,” Stewart explained. “I would like to see every single household in my city receive some level of Bitcoin, whether it be $500 or $1,000.”
On funding, Mayor Jayson Stewart says the scheme will most likely be financed by “very supportive donors” who are willing to match whatever he can raise to the tune of millions.
Other financing options include using government’s funds, COVID-19 relief funds or funds from the City’s purse.
Cool Valley is a city in St Louis County with an estimated population of 1,500. Sharing $1,000 worth of bitcoin each to residents would cost the City well over $1 million.
However, Mayor Jayson Stewart says beneficiaries of this initiative will be unable to instantly cash out their share of the largesse.
“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.
He added: “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,”
Stewart believes that the City of Cool Valley and its residents will become “wealthier and wealthier” as a result of this scheme which includes bitcoin mining and other government’s initiatives.