The Mayor of one Missouri town is planning to give out $1,000 worth of Bitcoin to his town’s 1,500 residents.
Mayor Jayson Stewart of Cool Valley said he’s planning several fundraising events that will raise capital in order to give each resident in the town of Cool Valley $1,000 worth of Bitcoin.
There’s a hook though, the residents must not have “paper hands” and must hold on to the Bitcoin for at least 5 years before selling.
To be honest making residents hold the Bitcoin for over 5 years as a stipulation is a great idea because more than likely Bitcoin will rise in price.
The mayor of Jackson, TN, explains that #bitcoin will keep rising as the Fed continues to print money. "Bitcoin could be the present, but is definitely the future monetary system," he said. https://t.co/flzILcZBvI
— Bitcoin News (@BTCTN) August 24, 2021
— Investor Paulo (@PauloInvestor) August 23, 2021
Zero Hedge had more on the story:
A tiny Missouri town could become the first in the country to put Bitcoin in the hands of every resident, but there is a catch: they can’t sell it for five years.
Jayson Stewart, the Mayor of Cool Valley says he is raising funds to give each of the town’s roughly 1500 inhabitants a piece of the digital currency according to KSDK.com. Following in the footsteps of El Salvador – which recently became the first country in the world to make Bitcoin it’s legal tender in hopes of protecting the country’s economy from hyperinflation – Stewart thinks holding the digital currency could be transformational.
“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,” said Stewart, who calls himself an Entrepreneur and Environmentalist.
Stewart said most of the money to fund the plan will come from several unnamed Bitcoin investors.
“I have some very supportive donors who have agreed to match any money that I raise up to several millions of dollars,” said Stewart. “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.”
But Stewart isn’t ruling out using city funds, saying “It’s possible. We’ll see how it goes. We’ll see how it goes.”
The Mayor of Cool Valley, Missouri wants to give each resident $1K in #Bitcoin on the condition they HODL for 5 years.
This guy would get my vote.
— Dan Held (@danheld) August 29, 2021
Yahoo News got the scoop too:
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.
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