The mayor of Cool Valley, Missouri reportedly disclosed his intention of pouring efforts in figuring the measure to send over $1 million in Bitcoin to the 1,500 residents living in the city. 

Specifically, via a Thursday interview with St. Louis news outlet KSDK, Mayor Jayson Stewart reportedly revealed that he expects to see Bitcoin being sent out to all the households currently inhabiting the city. 

Stewart additionally claimed that the funds would be generated from the contribution of numerous “very supportive donors”, but also left some door open for the possibility of utilizing the government’s pandemic relief response to kickstart the venture. 

The mayor reportedly did not disclose the precise amount of Bitcoin (BTC) in the city’s capacity to send out to every resident, but hinted that the maximum sum could reach up to $1,000 – approximately $1.5 million – or over 30 BTC at the time of publication.

Nonetheless, he further hinted that there could be a 5-year HODL requirement for Cool Valley residents. 

“My number one concern is that 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’re going to really regret that. “I feel that fundamentally, this is the best way to meet [everyone’s] basic needs — to get Bitcoin into the hands of people who can use it the most.”

Stewart’s Bitcoin project reportedly bears some resemblance to the proposal put up by Andrew Yang, a candidate in the 2020 U.S. presidential election. 

Yang previously threw his weight behind the idea of offering every US citizen $1,000 monthly, in universal basic income (UBI). Regardless of the unsuccessful outcome of not receiving the Democratic party nomination, UBI was normally in the center of media attention and had seemingly strong support.