The mayor of Cool Valley, Missouri, Jason Stewart, plans to distribute bitcoins to all residents. He is looking for funding for the project, which he hopes to launch by the end of 2021, local TV station KSDK reports.
"Look, this is digital gold. I'd like every household in my city to get bitcoin in one quantity or another, whether it's $500 or $100," Stewart said.
According to the mayor, most of the funds will come from several investors, whose names have not been disclosed. He noted that "benevolent patrons" are willing to invest several million dollars in the project.
Stewart is also seeking support from several government funds. Some of the funding will be raised through stimulus payments on the back of the COVID-19 pandemic. The official is not ruling out the possibility of using budget funds either.
The project suggests that Kool Valley residents will receive cryptocurrency under certain conditions. In particular, they will not be able to spend bitcoins for several years.
"We are introducing a sort of digital gold rights transfer schedule. The idea is that you cannot spend the cryptocurrency for five years until you have full access to it," Stewart explained.
According to him, residents would greatly regret it if they spent payments in digital assets to close the next mortgage or car payment. He believes that in a few years this cryptocurrency will be worth "hundreds of thousands of dollars".
Stewart stressed that he was prompted to create the project by the experiences of people he knows.
"I have friends whose lives have completely changed. Just a few years ago they were working from nine to five and now they own a fortune in excess of $80 million," he said.
In addition to Stewart, Miami mayor Francis Suarez also supports bitcoin. In December 2020, he announced that city officials would consider investing 1% of the municipal budget reserves in bitcoin.
In January 2021, Suarez talked about setting up a team to develop a plan to get the city more involved in the cryptocurrency industry, and in February the city commission voted to explore options for integrating bitcoin into the municipal infrastructure.
That same month, Miami's mayor said he intended to allow city employees to be paid in digital gold. He later announced plans to make the city a bitcoin mining hub.
Recall that in June, Suarez announced that he hoped to attract harassed Chinese government miners to Miami by giving them access to nuclear power.