Going the El Salvadoran way, a town in US state, Missouri is set to dole out $1000 worth of Bitcoin in a bid to encourage cryptocurrency adoption among residents. According to Jayson Stewart, Mayor of Cool Valley Town, Missouri, residents will be given a crash course on cryptocurrency after which they will each receive the BTC incentive as long as they agree to the conditions attached.
The initiative will position the little Missouri town in a leading position, making it the first to introduce such an idea in the US. Mayor Stewart, in a follow-up speech, highlighted the benefits of storing digital currencies while also noting that the initiative will transform Cool Valley in the coming years. Stewart equally added that he had friends whose lives had been changed by cryptocurrencies, transiting from working 9 to 5 jobs to being worth millions of dollars.
The Mayor did not also fail to state how funds to support the initiative will be generated. Funds will be raised from COVID-19 relief as well as contributions from private investors, especially Bitcoin proponents, according to Stewart. Cool Valley will also look within and pool funds to add to private contributions, noted the mayor.
Mayor of Cool Valley Compares Bitcoin to Gold
Mayor Stewart had likened Bitcoin to gold, calling it a digital version of the latter. His comparison resonates with past comments from high-profile Bitcoin investors, in which the flagship cryptocurrency was notably called Gold 2.0 in terms of value and limited supply. Total supply of Bitcoin is capped at 21 million. The Mayor ended his comments on the proposed programme by saying he wanted every household in Cool Valley to have some amount of Bitcoin, whether worth $500 or $1,000.
Participants to Hold Bitcoin Asset for Some Years, Says Mayor
However, the initiative has conditions attached. Those who get to partake in the programme will be required to hodl their Bitcoin asset for perhaps a few years. Mayor Stewart declared that the plan was long-term, as such participants will get full access to the Bitcoin largesse until maybe after five years. This is to prevent a situation whereby someone sells his portion to offset a short-term need or probably buy a car.
Meanwhile, cryptocurrency adoption is gaining traction in the US amid plans to regulate the asset class. The State of Texas is already harbouring some Bitcoin miners from China in the wake of a crypto mining ban. Back in July, Miami had hosted the Bitcoin July conference, while also adopting the name, the Bitcoin Hub. Mayor of the American city, Francis Suarez had likewise stated plans to lure miners, pledging to introduce low electricity costs and tax friendly policies in support of mining operations.
