Jason Stewart, the mayor of the Cool Valley, intends to offer more than $1 million (£0.73 million) worth of Bitcoin (BTC/USD) to the city’s approximately 1,500 residents. He disclosed this news during an interview on August 19, saying he wants every household in Cool Valley to get some BTC. The mayor expects to start this initiative before the end of 2021.
In the interview, Stewart disclosed that this initiative might see each city resident receive between $500 (£366.97) and $1,000 ($733.95) in BTC. Explaining where Cool Valley would get the funds to kickstart this initiative, he said the city has very supportive donors that have pledged to match any amount of money he raises. According to him, the donors are willing to offer several millions of dollars. However, he did not rule out the possibility of using funds from the government-issued COVID-19 pandemic relief to fund this bullish program.
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While he acknowledged that some people might say it is better to direct the funds towards helping people that lack basic needs like shelter and food, Stewart said BTC would be the best way to meet such basic needs. He pointed out that the idea is to get BTC to the hands of people who need it the most.
Residents will not have immediate access to the BTC they get
Per Stewart, this project will involve offering the city’s residents free lessons on storing and using BTC safely. Among these lessons would be explaining why HODLing BTC has more benefits compared to spending it immediately. The mayor noted that the city is exploring ways to lock the funds for at least five years before granting its residents full access to the BTC.
He added that,
My number one concern is that 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.
Giving a testimonial of just how much BTC can change the lives of the people of Cool Valley, Stewart said he has friends whose lives have turned around after embracing BTC. According to him, some of his friends have gone from working regular nine to five jobs to being worth over $80 million (£58.72 million) in a few years.
The mayor believes this initiative offers the city as well as its residents a chance to get wealthier. Conscious of the environmental effects of BTC, Stewart said the city is working on transitioning to solar power to help minimize BTC’s carbon footprint.
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