Jayson Stewart, the mayor of Cool Valley, Missouri, hinted that he is contemplating distributing over $1 million in Bitcoin to the 1,500 residents of the city.

During an interview with KSDK, a news outlet of St. Louis, on Thursday, the mayor said that he would like to see every homestead in the city receive some bitcoins (BTC).

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While noting that the funds would come from “very supportive donors”, the mayor did not rule out the possibility of using some of the government’s pandemic relief response for the venture.

Also, the mayor did not specify the amount of BTC the city would distribute though he hinted it could be up to $1k worth of bitcoins per household, which would translate to a total of about $1.5 million worth of bitcoin. 

Bitcoin (BTC) price chart according to coinmarketcap

Going by the current bitcoin (BTC) price $1.5 million worth of BTC would translate to about 30 bitcoins.

The mayor went ahead to state that once the residents are issued with the bitcoins, they would be required to hold the coins for at least five years.

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“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,” said Stewart, “I feel that fundamentally, this is the best way to meet [everyone’s] basic needs — to get Bitcoin into the hands of people who can use it the most.”

Stewarts Bitcoin initiative is not far-fetched. It resounds with that of Andrew Yang, who was a presidential candidate in the 2020 US elections and has proposed giving every American citizen at least $1K in a universal basic income. US city mayors are increasingly taking a pro-crypto stance. Miami city mayor, Francis Suarez, for example, suggested allowing city residents to pay taxes using Bitcoin.