In an attempt to spur his towns wealth, Cool Valley Mayor Jayson Stewart in Missouri State ambitiously aims to give all of the town’s 1,500 residents some extra pocket money worth $1000 in Bitcoin.

Speaking with local news outlet KDSK the mayor said:

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

Mayor Stewart plans launch his Bitcoin gifting project by the end of the year and considers a few ways to fund it. He said:

“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 to go along with that. Or potentially some of the relief money that comes in from the Covid relief.”

The mayor did not even rule out using the city’s own funds, on which he commented:

“It’s possible. We’ll see how it goes.”

There is a catch though. Cool Valley residents will not be able to sell their Bitcoin holdings, at least not right away. Stewart elaborated:

“The idea is that maybe you don’t touch it for five years before you really get full access to it.”

He further noted that citizens would “really regret” using Bitcoin today to pay off their car payments only to see it “sitting at like $500,000 all these years later.”

It has yet to be determined exactly how the Bitcoin will be distributed to city resident. Stewart is even suggesting old school ways of knocking on doors and offering free classes to his people on how to use and store Bitcoin.

Cool Valley residents are positive about the plans, not unaware of Bitcoin’s recent success. As one resident told KDSK:

“My daughter says she thinks it’s the next big thing. The digital currency.”

Another resident noted:

“Putting money in my pocket! Sounds pretty good to me.”

The post A Missouri mayor will gift its residents $1,000 worth of Bitcoin appeared first on iGaming.

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