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US mayor pledges to give $1,000 of bitcoin to all residents of his town

·2-min read
Missouri Mayor Jayson Stewart is in favour of legalised weed and is a major advocate for bitcoin (Twitter/ @CoolValleyMayor)
Missouri Mayor Jayson Stewart is in favour of legalised weed and is a major advocate for bitcoin (Twitter/ @CoolValleyMayor)

A mayor in Missouri has pledged to give $1,000 worth of bitcoin to every household in his town.

Jayson Stewart, the mayor of Cool Valley, believes the cryptocurrency can drive social change and overcome many of the inherent flaws with the current economic system.

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“[Bitcoin] has given me a hope, and an optimism that we can overcome some of the worst parts of the system that we’re born into, and actually create a future exactly how we want it to be,” he told Bitcoin Magazine.

“There’s a certain level of hope and optimism that I get from bitcoin. Bitcoin is fundamentally American. It is the most American thing. Our government is built on freedom and personal liberty, and rights and self-sovereignty, and all of the things that bitcoin really is. I think it’s a natural marriage that bitcoin in America will thrive.”

The Missouri town has a population of around 1,500, with the project already funded for $1,000 per household.

The plan was to initially airdrop $500 but the sum was increased due to the popularity of the scheme. Recipients will be able to cash out their crypto, though anyone who holds onto it for longer could receive a larger payout.

It echoes a similar initiative put forward by the president of El Salvador this week designed to incentivise the adoption of the cryptocurrency.

Bitcoin was officially made legal tender in the central American country earlier this month, with all citizens offered $30 worth of free cryptocurrency through a digital wallet app that they could download onto their phones.

On Wednesday, President Nayib Bukele announced that anyone using the wallet to pay for fuel with bitcoin will now receive a $0.20 discount on each gallon that they buy.

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