Jayson Stewart, the Mayor of Cool Valley, Missouri, is raising capital to giveaway each of the town’s residents approximately $1,000 in bitcoin (EXANTE: Bitcoin), KSDK reports. According to Stewart, bitcoin is the next version of gold:
"Look, it is digital gold. I would like to see every single household in my city receive some level of bitcoin, whether it be $500 or $1,000."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
He also believes that the cryptocurrency can completely change the way how inhabitants of Cool Valley live.
"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," he added.
Stewart says he found "some very supportive donors" who have already agreed to support his initiative. The mayor also does not want the residents to sell bitcoin as soon as they can. Instead, he wants the people to hodl bitcoin for five years before they really get full access to it.
"We are working on ideas like that because that is my number one concern. Someone just sells their bitcoin to pay their car note. And then when bitcoin is sitting at like $500,000 all these years later, they are going to really regret that," said Stewart.
It remains unclear, however, when and how Stewart plans to distributed the cryptocurrency. In the meantime, Wells Fargo, a multinational financial services company, in a cooperation with the New York Digital Investment Group (NYDIG) and FS Investments registered a private bitcoin fund with the US Securities and Exchange Commission.
According to the regulatory filing, Wells Fargo will get a percentage from the fund's sales through two of its subsidiaries: Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network. The so-called FS NYDIG Bitcoin Fund is reportedly passive and has no sales yet.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.