The mayor of Cool Valley, a small village in the U.S. State of Missouri, wants to give all 1,500 residents bitcoin. It’s $1,000 per household. Jayson Stewart told: “We’re going to make sure that people have their own BTC as soon as possible, to win big.
The project has now been funded, and after the initial announcement Stewart was overwhelmed with comments: “the story has become so popular in a way I never expected.”
For the average American mayor it is not the most normal thing in the world to get all kinds of questions from the press. Moreover, the mayor is reportedly even planning to use the city’s funds for his bitcoin initiative: “it is possible. We’ll see how it goes.”
Stewart believes strongly in his plans and even wants to keep bitcoin in the treasury of his municipality. But it’s not that easy.
“Legally, there are obstacles to doing so. Much of it is enshrined in the state constitution for towns and cities”, the American States.
Initially, this initiative is aimed at the people in Cool Valley themselves.
The idea that Steward has in mind is that the residents cannot sell the bitcoin received for free. At first they have to ‘hodl’, he said earlier.
“We are thinking of a certain schedule. The idea is that you might not touch it for five years before you really get full access.”
Stewart also intends to allow citizens to receive a larger Bitcoin payout if they choose to hold their Bitcoin for a certain time, but will allow those who want to sell to receive their assigned sats to do so.
In Stewart’s eyes, people would ‘really regret’ if they were to use their free Bitcoin today to make payments (for car maintenance, for example), if the price of one bitcoin in the future goes to $500,000.
How exactly the bitcoin is distributed to residents remains to be determined. He suggests that they are just going around the door and want to offer free education about the use and storage of bitcoin. This in turn is the advantage of this small-scale initiative: it makes the whole project easier to achieve.
Stewart is not the only American mayor who likes Bitcoin. Francis Suarez, Mayor of Miami, has long been a strong supporter of the largest cryptocurrency.
Also in New York is a candidate pro-Bitcoin. Democrat Eric Adams wants to make New York a ‘Center for financial innovation’, with a special role for bitcoin.
The mayor of Jackson, a city in Tennessee in the United States, also wants to clear a spot for bitcoin. One of the plans is to be able to pay taxes with the decentralized and scarce internet money.