Missouri mayor says giving residents bitcoin might be a good idea

The mayor of Cool Valley, Missouri recently said that the local government might soon consider giving its 1,500 residents $1 million worth of BTC. 

In an interview with KSDK, a St. Louis news outlet, Mayor Jayson Stewart said that it would certainly be a good idea to let every resident of Missouri experience Bitcoin. Stewart also said that the funds might come from donors and the government’s pandemic relief funds. 

Stewart has not provided any exact amount of Bitcoin assets that Missouri would distribute to its residents. But he said that the amount might reach $1.5 million or around 30 BTC in today’s valuation. 

BTC initiative

The mayor also added that while he is open to the idea of giving away BTC to Missouri residents, he also hinted that they may also be encouraged to HODL their digital assets for five years. 

“My number one concern is that someone just sells their Bitcoin to pay their car note (loan), and then when Bitcoin is sitting at like $500,000 all these years later, they’re going to really regret that,” Stewart said.

He also said that Bitcoin is a viable answer to meet everyone’s needs, and through political will, this digital asset can be efficiently distributed to the ones who need it most. 

Similar idea

In last year’s U.S. presidential election, one of the candidates, Andrew Yang, proposed that every American should be given a monthly universal income of $1,000.

This is somehow similar to Stewart’s initiative, which aims to improve citizens’ lives through the use of Bitcoin. But of course, Stewart is not alone in pushing crypto initiatives to bring better lives for American citizens. Francis Suarez, mayor of Miami, has expressed his openness on the idea that residents be allowed to pay taxes on cryptocurrencies.

 

Image courtesy of Cointelegraph News/YouTube

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