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Basic income through Bitcoin? – American mayor plans new model

The mayor of the American town of Cool Valley, in the state of Missouri, is considering distributing $ 1 million in Bitcoin to the city’s 1,500 residents.

As emerged on Thursday from an interview with the local broadcaster KSDK, Mayor Jayson Stewart wants to achieve that “every household in the city gets Bitcoin”. The corresponding funds would in turn be made available by “very generous donors”, but he does not completely rule out that money from the government’s corona aid payments may also be used for this.

How much Bitcoin (BTC) should actually flow to each individual citizen, Stewart initially left open, with a target of 1,000 US dollars per capita or 1.5 million US dollars in total. However, the population could be obliged to hold the funds for five years.

“My biggest concern is that people are simply selling off their Bitcoin to pay off the next installment for the car, but if the price is $ 500,000 in a few years, they will regret it very much,” said the mayor .

He adds:

“I think the best basic supply is to give Bitcoin to the people who need it the most.”

Stewart attributes great transformative potential to Bitcoin, which not only affects the mere increase in value, but can also provide social security. So the mayor hopes that the $ 1,000 in BTC is well invested and will become a kind of “basic income” for his population in the long term.

The unconditional basic income already played a minor role in the last US election campaign when presidential candidate Andrew Yang proposed a monthly payment of US $ 1,000 to every American citizen. A topic that was hotly debated in the media is now completely rethought with the idea of ​​the Mayor of Cool Valley.

Other cities are also opening up more and more to cryptocurrencies, for example Francis Suarez, the mayor of Miami, suggests that taxes should be paid in the form of Bitcoin.

According to the data from Cointelegraph Markets Pro, the price of the market-leading cryptocurrency is currently 48,700 US dollars, after more than 49,000 US dollars were on the table today.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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