Missouri Mayor Jayson Stewart is raising capital in order to give each of Cool Valley’s 1,500 residents up to $1,000 of bitcoin.
"It’s digital gold," said Stewart. "I would like to see every single household in my city receive some level of Bitcoin, whether it be $500 or $1,000."
Stewart hopes to launch his Bitcoin initiative by the end of the year, and has received great support from donors who have agreed to match any amount that he raises, which could be up to several million 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,” he said.
The caveat, though, is residents won’t be able to sell their BTC for a period of time.
“We’re putting in place a vesting schedule for Bitcoin,” Stewart said. "The idea is that maybe you don’t touch it for five years before you really get full access to it."