When a government or organization launches a support program for the needy, the money is always distributed in fiat currency. For a change, the mayor of Cool Valley, Missouri wants to distribute Bitcoins to the 1500 residents of his jurisdiction in order to help them overcome the crisis created by the pandemic.
Jayson Stewart, the mayor of the city didn’t specify the number of Bitcoins he wanted to distribute but he said it could be of any amount up to $1000 each which takes the total cost to $1.5 million which is around 30 BTC at the time of publication. Every resident will then receive 0.02 BTC if things can go according to the plan.
In an interview given to St. Louis news outlet KSDK, the mayor said he wanted every resident of his constituency to own at least some fraction of bitcoin. He is hoping for a generous donor or to get some funds from the government’s pandemic relief response which he wants to turn into Bitcoin and distribute.
However, he was skeptical about people being unaware of what Bitcoin can do for them in the future. He said he didn’t want someone to regret when Bitcoin would be sitting at $500,000 years later because they had used the distributed Bitcoin for paying a parking ticket.
“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.”
If it happens, the citizens will have the option to either use the BTC for their quick-term gains or to be patient and hold the asset for further gains in the future.
This is not the first time such a proposal has been presented. Francis Suarez, who is the mayor of Miami, had proposed that residents should be allowed to pay their taxes through Bitcoin and to make sure, the government should come up with pro-crypto laws.
Bitcoin was recorded at $45,590 at the time of publishing this article.