Mayor Jayson Stewart plans to give Missouri residents up to $1,000 in Bitcoin (BTC).
Missouri town could become the first in the US to give out crypto to its residents if this happens. Stewart also said that the city would give free classes to residents about how to use and store cryptocurrency securely. But the deal comes with a big string attached.
According to KSDK News, Stewart started a petition to raise funds to provide each resident cryptocurrency worth $1,000. Based on the report, Stewart believes that holding digital currency could reconstruct the town largely in years to come.
Following this, he said,
“I have friends whose lives have been completely changed, like going from working a regular nine to five job to being worth over 80 million dollars in a matter of a few years.”
Also, the Mayor added that many anonymous Bitcoin investors would donate most of the capital to fund the project. “I have some very supportive donors who have agreed to match any money that I raise up to several millions of dollars,” Stewart noted, adding that some of the support money that comes in from the COVID-19 relief could go to the project.
Mayor Jayson Stewart believes digital currency is like digital gold. As a matter of fact, he would like to see every Missouri residents receive some level of Bitcoin, whether it is $500 or $1,000.
However, the deal comes with a catch. Here is the catch: residents who engage in the program can not trade the crypto for “a few years.”
As he continues, he noted, “We’re putting in a place like a vesting schedule for Bitcoin. The idea is that maybe you don’t touch it for five years before you get full access to it.”
This string attached is because Stewart is concern that some people will directly sell their coin to pay off a car or some other useless needs. Moreover, the Mayor said, “And then when Bitcoin is sitting at like $500,000 all these years later, they’re going to regret that"