Mayor of Missouri City Pledges to Donate Bitcoin to Residents
Picking up the gauntlet for a new crypto initiative, a city in Missouri State, Cool Valley has pledged to donate Bitcoin to its residents. According to reports, the project is geared towards fostering the awareness and adoption of crypto assets within the town. Among other crypto-based initiatives in the US, the Cool Valley is the first of its kind.
With a population of 1500 people, Cool Valley will donate over $1 million in the flagship cryptocurrency to residents within the city. According to the city’s Mayor, Jayson Stewart, he wanted every household in the US city to receive and own some Bitcoin asset. He declared that the project will be supported with funds from willing donors. In addition, part of the project’s funds will come from the US government’s COVID-19 relief funds.
Cool Valley’s Bitcoin Donation Up to $1.5 Million
Mayor Stewart did not state exactly how much each household will receive, but hinted that donations could be up to a thousand dollars worth of Bitcoin or approximately $1.5 million in total. However, the Mayor did not fail to add that residents will be required to hold the asset for up to five years. In his words, he said his major concern borders on some residents selling the asset to purchase luxury items or offsetting their financial needs, and by the time Bitcoin attains a $500,000 price mark, they begin to regret.
The Mayor also declared that Bitcoin was the most suitable means to address everyone’s basic needs, as such it has to get into the hands of people who can utilize it the most. As much as the Cool Valley initiative is a new one, similar suggestions have already been made in the past.
Of particular significance is the Universal Basic Income or UBI initaitive introduced by Andrew Yang, former presidential candidate in the 2020 US elections. Yang had suggested issuing $1,000 to every American. Although his suggestion was widely received, Yang failed to go beyond the nomination level in his party.
Mayor of Miami Suggests Similar Bitcoin Initiative
In a related development, mayor of Miami, Francis Suarez, a Bitcoin proponent, had broached the idea of allowing residents to pay taxes in Bitcoin at a certain time. Also, Mayor Suarez suggested paying salaries of the city’s officials in Bitcoin. In the wake of China’s crypto mining ban, he had hinted at opening the city’s gates for Chinese Bitcoin miners to come in and resume their operations. Miami is now regarded as a Bitcoin hub as it hosted the last Bitcoin conference held in July.
Despite the new Infrastructure law which seeks to regulate the crypto sector, more institutions and individuals in the US are embracing the Bitcoin and other cryptocurrencies. Some US lawmakers have advocated for friendly regulations as this would encourage new technologies to burst into the space.
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