The mayor of a small town in Missouri, Cool Valley, plans to hand out bitcoin to all the inhabitants of his town. Mayor Jayson Stewart will be offering up to $1,000 worth of the cryptocurrency to all the roughly 1,500 residents.
But there is one glaring caveat: they cannot sell the free bitcoin they will receive — at least for a couple of years.
Mayor Stewart Wants To Airdrop BTC
According to a report by local publication, KSDK, Stewart is currently raising money to be able to give BTC to the residents. He believes most of the funds to finance the program will emanate from multiple anonymous bitcoin investors, as well as city funds.
“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 as well to go along with that. Or potentially some of the relief money that comes in from the Covid relief.”
While describing bitcoin as “digital gold”, the mayor is looking to give the crypto to every household in Cool Valley, “whether it be $500 or $1,000,” by the end of this year.
Stewart’s 5-Year Mandatory HODLing Plan
Stewart goes on to tell the publication that he has a number of friends whose lives have been completely changed for the better to an extent where they quit their regular jobs and become multi-millionaires in the span of a few years.
The price of bitcoin has grown exponentially in recent years. The dormant cryptocurrency topped $48,000 today for the first time since May, much to the chagrin of bears. Stewart is of the opinion that BTC will continue rising and he doesn’t want his residents to regret it later after selling too early. As such, it will take at least 5 years before they are able to get their hands on the bitcoin.
BTCUSD Chart By TradingView
“We’re putting in place like a vesting schedule for Bitcoin. The idea is that maybe you don’t touch it for five years before you really get full access to it. We’re working on ideas like that because that’s my number one concern. Someone just sells their Bitcoin to pay their car note. And then when Bitcoin is sitting at like $500,000 all these years later, they’re going to really regret that,” the mayor explained.
At the moment, it has not been determined how the bitcoin will be distributed to the 1,500 residents. Stewart is, however, suggesting knocking on people’s doors and providing free educational classes on how they can use and safely store the cryptocurrency.
All things considered, the crypto-friendly mayor foresees Cool Valley city and all the people in it becoming wealthier from the bitcoin investment move.