Jayson Stewart, Mayor of Cool Valley, Missouri reveals plans to gift up to $1000 in bitcoin to all residents. More specifically, in an official interview, Mr. Stewart disclosed that the city intends to gift around $1.5m in bitcoin to all of its 1500 residents. As per his words:

The Mayor also reveals that there are already several donors which all agree to be part of this project. These ‘very supportive donors’, intend to match any sum up to several million dollars that Mr. Stewart potentially raises. Moreover, the Mayor says that the bigger chunk of the capital will come from anonymous Bitcoin holders.

However, the Mayor proposes one interesting condition concerning this idea. Specifically, should the project get the green light, each city that would receive the bitcoin assets will have to hold them for at least 5 years. After that period of time, the citizens would eventually gain full access to their funds.

According to the Mayor of Cool Valley, this project’s main goal is to help its citizens, and consequently introduce them to crypto. Mr. Stewart specifically suggests that this proposition is sole to protect the citizens from impulsively spending the money:

So far it seems that whenever we have a similar project or campaign it usually gets approval by the people. That is the case this time as well. Being that the citizens of Cool Valley are already in favor of this new campaign to take place. Or as one Cool Valley resident said: ‘Putting money in my pocket! Sounds pretty good to me.’

This initiate to gift crypto assets to the residents is definitely a lucrative proposition. And again, it divides the crypto-community.

On one side, many experts warn that this only removes the anonymity and independence that the cryptocurrencies, i.e. blockchain provide. Additionally, they oppose not allowing to touch the bitcoin assets for the next 5 years. Given that the price of bitcoin is constantly fluctuating and changing.

On the other hand, there are also many crypto enthusiasts that salute this idea. Especially since it comes as a unique opportunity to own bitcoin assets without having to spend a single penny.

Whatever the case, one thing is certain. We are witnessing firsthand how cryptocurrencies slowly, but surely, are integrating into every aspect of our everyday life.