Missouri Mayor Wants To Give Each Resident $1,000 In Bitcoin

over 2 years ago

We are seeing politicians starting to see the potential of cryptocurrency and Bitcoin in particular. Obviously, leading the pack is the Mayor of Miami. In fact, that already developed the MiamiCoin.

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There is another mayor jumping into the conversation, albeit with a slightly lower voter base than Mayor Suarez does in South Florida.

Cool Valley is a small town in the Show Me State of 1,500 inhabitants. This little town has a mayor who is touting a rather interesting proposition.

Bitcoin For Everyone

Mayor Jayson Stewart wants to give each person in the town either $500 or $1,000 worth of Bitcoin. He is a believer in the prospects of the coin and feels that it could change the lives of everyone in the town.

He knows some who enjoyed the life-changing success that Bitcoin offers.

“I have friends whose lives have been completely changed, like going from working a regular nine to five job to being worth over 80 million dollars in a matter of a few years.”

This is a radical approach to improving the lives of a town's citizens. We all know that Bitcoin can really change the financial prospects of people over time. Here we see the first proposition that entails directly giving each citizen Bitcoin.

Of course, the key to large Bitcoin gains is to become a HODLer. Those were the ones who did the best.

For this reason, the initiative comes with an interesting twist.

However, Stewart’s bitcoin plan comes with a catch: The recipients would not be able to sell the BTC for five years, which the mayor says, would prevent the residents from having regrets when the price of bitcoin possibly becomes “half a million dollars.”

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Here he is essentially turning each resident into a Bitcoin HODLer.

The mayor does have a point. If someone uses the Bitcoin to pay off an immediate expense, they could be losing tremendous upside. Since it looks like he is seeking to give each person some long-term growth, this type of vesting is a good step.

Cryptocurrency Mixed With Public Policy

As we can see, politicians at the state and local level are starting to jump on the potential of cryptocurrency. Many are starting to realize it offers the potential to change the financial situation that is being faced.

Over the next few years, we will see more initiatives started as people to consider the different possibilities. Hence it will be likely we see cryptocurrency mixed with public policy.

The move by Miami could be a major windfall for these municipalities. If this can become a money maker, the opportunities will become near endless. Cities can then use the DeFi aspect of cryptocurrency to fund their budgets. Ultimately, this could lead to a reduction in local taxes since politicians could be forced to only spend the money from that revenue source.

As for Mayor Stewart, he came up with a rather unique idea. It does not sound like this will amount to a ton of money for each person. The amounts he mentioned, even if Bitcoin did 10x, would not be enough to live on. However, perhaps in that small town, $10,000 could be a significant sum of money.

This is another feather in the cap of cryptocurrency. We are seeing some lines drawn where people in government are on both sides of the debate. As more people like Mayor Stewart embrace cryptocurrency, it makes it that much more difficult for the Federal Government to take a hard stance on it.

Ultimately, it ends up pitting politicians against each other. We saw this unfold with the cannabis fight. In the end, more states adopted it, effectively making the Federal Laws pointless. Sure they can still change people with Federal crime but local law enforcement cannot help out. To them, it is legal.

The same thing is likely to happen with cryptocurrency. We will see a divide until enough people own it. At the point, the Feds will simply have no choice but to back off.

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