Jason Stewart, the mayor of Cool Valley, intends to offer more than $1 million worth of BTC to the city’s roughly 1,500 residents. He unveiled these bullish plans during an August 19 interview with KSDK, a St. Louis news outlet. With this initiative set to start before the end of this year, Stewart said he wants every household in Cool Valley to have some BTC.
In the interview, the mayor said that this initiative will see each Cool Valley resident get BTC worth between $500 to $1,000 if things go as planned. According to him, the city will get the funds to kickstart this program from supportive donors, who have promised to match the amount of money he raises. He added that these supporters are willing to contribute millions of dollars to ensure Cool Valley adopts BTC.
While Stewart did not disclose how exactly he intends to raise enough money for the donors to match, he did not rule out the possibility of using government-issued COVID-19 relief funds. Although he is sure some people might say he should direct the funds he raises towards feeding the starving, housing the homeless, and creating job opportunities for the unemployed, Stewart said he believes BTC is the best way to address such basic needs.
Residents will have to HODL the BTC they receive
While this program might seem like taking money from the city’s coffers and putting it directly into the pockets of its residents, this is not the case. In the interview, Stewart said the project will involve door-to-door education on how to store and use BTC. Imparting such knowledge will also help the residents see the importance of HODLing BTC instead of spending it immediately.
Confident that BTC will continue surging, Stewart said he is concerned that some of Cool Valley residents might use the BTC they get to pay their car note and end up regretting their decision when BTC surges to $500,000. To this end, the mayor said the city is exploring ways to lock the issued BTC for at least five years.
Explaining why he is bullish on BTC, Stewart said the leading cryptocurrency has changed the lives of some of his friends. According to him, some of his fortunate friends that embraced BTC went from working nine to five jobs to being worth over $80 million in just a few years. Perhaps drawing inspiration from the success of his friends, the mayor said this initiative offers both the city and its residents a chance to get wealthier.
By announcing this initiative, Stewart has joined a growing list of US leaders with a pro-crypto stance. Before him, Miami’s mayor, Francis Suarez, made highlights after proposing to allow the city’s residents to pay taxes in BTC. With a goal to make Miami the crypto capital of the world, Suarez has held talks with industry leaders such as the Winklevoss twins, wooing them to set up shop in the city. He also welcomed BTC miners that left China due to a crackdown on BTC mining, offering low energy prices and clean nuclear power.