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U.S. Mayor Wants To Give Everyone $1,000 In Bitcoin. What’s the catch? No one can sell

Mayor Jayson Stewart wants to give every resident $1,000 in bitcoin. Jayson Stewart is the mayor of Cool Valley, Missouri. A town that only has a population of 1,500. The mayor is raising money to give each of its 1,500 residents $1,000 in bitcoin. But there is a catch. The BTC the residents receive from the mayor cannot be sold. Residents are required to hold on to the coins that they receive.

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Stewart believes that the coins could be transformational to the lives of every resident in Cool Valley. As long as the coins are held onto for a couple of years. The way the distribution would work looks something akin to a trust fund. The coins will be given to each resident. But will be locked so that they will not be able to access the coins for the next five years. After which residents will be able to access the BTC and get them at whatever they are worth at that point.

“We’re putting in place like a vesting schedule for bitcoin. The idea is that maybe you don’t touch it for five years before you really get full access to it. We’re working on ideas like that because that’s my number one concern. Someone just sells their bitcoin today their car note. And then when Bitcoin is sitting at like $500,000 all these years later, they’re going to really regret that.”

Bitcoin Is Digital Gold

Mayor Jayson Stewart does not want to see his constituents miss out on the opportunity Bitcoin presents. He referred to the cryptocurrency as digital gold. And he wants every resident of Cool Valley to get some bitcoin, no matter the amount. “It’s digital gold. I would like to see every single household in my city receive some level of Bitcoin,” Stewart said. “Whether it be $500 or $1,000.”

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