The Mayor of Cool Valley, Missouri, says he plans to give greater than $ 1 million in bitcoin to the town’s 1,500 residents.

In an interview with the St. Louis KSDK on Thursday, Mayor Jayson Stewart mentioned he would love to see “every household in my town get bitcoin”. Stewart mentioned the funds will seemingly come from some “very supportive donors” however did not rule out utilizing cash from the federal government’s pandemic aid effort to begin the corporate.

The mayor did not specify how a lot Bitcoin (BTC) the town may pour out to every resident, however did trace that it could possibly be as excessive as $ 1,000 – about $ 1.5 million or so . Over 30 BTC on the time of publication. However, he additionally instructed that the fund may doubtlessly signal HODL residents for five years.

“My biggest concern is that someone is just selling their bitcoin to pay for a car, and when bitcoin hits $ 500,000 years later, they will really regret it,” says Stewart.

He added:

“Basically, I believe this is the easiest way to meet [everyone’s] Basic Need – To put Bitcoin in the palms of those that can use it essentially the most. “

Stewart’s Bitcoin initiative is similar to that of Andrew Yang, a candidate for the 2020 US presidential election. Yang advocates giving every American a monthly basic income of $ 1,000. Although the UBI did not receive the Democratic nomination, it is still often in the media spotlight and appears to have strong support.

Related: The Mayor of NYC promises to turn the city into a bitcoin hub

Legislators in other US cities have also adopted pro-crypto policies. Francis Suarez, Mayor of Miami since 2017, has proposed allowing residents to pay taxes using Bitcoin, saying he aims to see the city have “essentially the most superior crypto laws.”

Bitcoin price, which was $ 48,710 at press time, has accelerated to over $ 49,000 at the moment, as information from Cointelegraph Markets Pro exhibits.