Residents of Cool Valley, a city in St. Louis County, Missouri, could soon become long-term bitcoin holders as the town’s mayor plans to gift the cryptocurrency to everyone in the region.
According to local reports, in an effort to contribute to the mass adoption of bitcoin, Cool Valley Mayor Jayson Stewart is pioneering a fundraising project that will allow him to gift BTC worth $1,000 to every resident before the end of the next year.
The mayor believes that if residents are taught about cryptocurrency and hold bitcoin, Cool Valley will experience infrastructural transformation in little or no time.
Stewart hopes to raise millions of dollars for the project while banking on donors from all walks of life. While part of the funds will come from government funding, others may come from COVID-19 relief fund and unnamed Bitcoin investors.
But residents must HODL for…
According to the reports, mayor Jayson announced his proposed Bitcoin gifting project with conditions attached. Residents are required to keep holding their Bitcoin for a five-year time frame without selling.
An interesting side to the story is the mayor’s intention for the nearly 1500 residents of Cool Valley to hold their Bitcoin as an investment strategy. He said: “I believe that Cool Valley is going to get wealthier and wealthier, not just our city, but the actual people who live here.”
Meanwhile, the mayor plans to educate residents on how to store and use bitcoin. The initiative could make Cool Valley the first city to gift bitcoin to residents in the United States.
The next big thing?
The Missouri mayor’s plan seems to have been met with residents’ smiles of approval. A resident mail carrier named Ramona Nickels said his daughter had referred to Bitcoin as “the next big thing.”
Cryptocurrencies are taking over the air as institutional investors and individuals tend to make an impactful contribution towards mainstream adoption of the asset class.
In another report, Casey Taylor, the Vice president of Digital Currency Group (DCG), and a doula started accepting Bitcoin to assist her pregnant clients through gestation, labor, and postpartum periods as her own way of supporting mainstream adoption for Bitcoin.
