Mayor Jayson Stewart of the small Missouri town of Cool Valley in the United States presented an innovative initiative. This was in an interview Thursday for the St. Louis news portal KSDK. The Mayor of Cool Valley explained that he is raising funds through some investors to give each of the 1,500 inhabitants of the city a share of the digital currency Bitcoin.
“I’d like to see every household in my city receive some amount of Bitcoin, whether it’s $ 500 or $ 1,000,” Stewart said. The mayor also plans to propose to the United States Government that the money directed to the aid plan against the Covid-19 pandemic be used to acquire the Bitcoins that will be delivered to the residents of the city. This without ruling out the use of funds from the city itself as the main investment in order to give $ 1,000 in Bitcoin to each resident.
«It is digital gold. I have several sponsors who are helping me a lot to complete the money that I am raising with several million dollars. I’m also trying to get some funding from the government, ”Stewart said.
Therefore, in Cool Valley, Stewart believes that applying this strategy of giving $ 1,000 in Bitcoin could be the solution for the future. And not only that, it could also turn its citizens into millionaires within a few years, which would benefit this small town in Missouri. All this motivated to the fact that many experts in economic markets expect that the value of Bitcoin will increase exponentially in the next 10 years.
Mayor Stewart’s Core Strategy Based on Bitcoin: The HODL
Mayor Stewart explained that the Bitcoins that will be delivered to residents will come with some conditions. The most notable condition is that they have to keep the Bitcoins without being able to sell them for a few years. The mayor and his advisers are planning a methodology for acquiring the rights for those Bitcoins. The main idea, Stewart commented, is to keep them for a few years before citizens have access to the $ 1,000 in Bitcoin, thus creating a capital that grows year after year.
Some just sell their Bitcoins to pay off their car loan. And then when Bitcoin hits around $ 500,000 a few years from now, they’ll regret it, ”Stewart said.
The city will take environmental measures to offset the environmental impact of Bitcoin mining. Details on how this distribution will be done are not yet clear, Stewart said he could start educating his citizens house-to-house about this digital asset and offer free classes to residents on how to safely use and hold.
Stewart’s proposal does not sound so irrational considering the analysis and projections of Bitcoin by the experts. Bitcoin in 2010 was quoted at less than $ 0.03 and today its price exceeds $ 49,000 with an upward trend. Financial institutions like Bank of America highlight Bitcoin as the best performing asset of the last 10 years due to its incredible exponential increase in price, above stocks, bonds, commodities and legal currencies around the world.