The Missouri mayor of Cool Valley stated that he is considering giving the city’s 1,500 inhabitants more $1 million in Bitcoin (BTC).
A HODL for Everyone
Mayor Jayson Stewart stated in a Thursday interview with KSDK news station St. Louis he wants to see every single home in my community be given a Bitcoin level. Stewart said the cash probably came from some highly supporting benefactors, but did not exclude the government’s pandemic relief effort from utilizing money to start the business.
The mayor did not specify how much Bitcoin the city might give to every citizen, but indicated that it could be up to USD 1,000 — about USD 1.5 million — over BTC 30 at the time of publishing. However, he also said that inhabitants of Cool Valley may need to hold their Bitcoin for five years. He
Is UBI Viable?
Stewart’s proposal mirror’s Andrew Yang’s big push for UBI, but with a Bitcoin twist.
Universal basic income (UBI) is a socio-political financial transfer concept which allows all citizens of the given population to receive a regular, legal and equitable financial contribution paid by the Government, also called unconditional basic income, the basic income of the citizen, the basic income guarantees, the basic living allowance and the guaranteed annual income.
Basic revenue may be generated on a national, regional or local basis. If the level is enough to fulfil fundamental requirements of an individual (i.e. above or below poverty line), it is often referred to as full basic income. It may be termed partial basic income if it is less than that amount.
Current UBI Programs
Many welfare systems may be seen as having to do with basic income. Many nations provide a kind of basic child income. Pension may be similar to basic income in part. The Bolsa Familia program in Brazil is conditional and focused on the poor, as well as the Thamarat program in Sudan, launched by the transitional administration to alleviation the impact of the Bashir regime’s economic disaster.
The Alaska Permanent Fund is mostly a partial basic income of $1,600 per year per inhabitant (in 2019 currency). The negative revenue tax (NIT) may be seen as a basic income in which people get less and fewer money until this impact is reversed, the more they earn.
Several political issues are linked to the debate on basic income, including automation, artificial intelligence (AI) and the future of job requirements.
One key issue in these discussions is whether automation and AI would significantly reduce the number of jobs available and whether basic earnings could contribute to prevent or alleviate such problems by enabling everyone to profit from the wealth of societies as well as whether UBI could be a pillar in a resource-based or post-scarcer economy. The economic effect of the COVID-19 epidemic has led several nations to give their people direct compensation.