Twitter co-founder and Block (formerly Square) CEO Jack Dorsey discussed the implications of a Bitcoin (BTC)-powered Universal Basic Income (UBI) strategy with US congressional candidate and elementary school teacher full time, Aarika Rhodes.
“The obscurity of information forces and incentivizes people into negative (financial) behaviors that do not work for them, their community or their family,” saying Dorsey in pointing out the lack of transparency within the existing centralized financial system.
“If there is one thing to focus on in Bitcoin: Operations are transparent, code is transparent, policy is transparent.”
This foundational foundation of BTC is what Dorsey believes has the potential to solve numerous use cases and problems as a direct result of using fiat currency. Through business initiatives including Start Small, the entrepreneur has invested more than $55 million in the United States and abroad to experiment with UBI.
“We are about to do a UBI-like proof of concept with Bitcoin as well.”
Dorsey’s BTC-powered UBI experiment will involve the creation of a small-scale, closed-loop community of sellers and traders adhering to Bitcoin standards. Based on the happiness quotient and willingness to participate, you intend to identify use cases for a large-scale implementation.
Rhodes strongly believes that Bitcoin’s involvement will reduce costs related to bank fees:
“When you have something like Lightning (network), where you can transact at very low fees, it’s a benefit for everyone. It doesn’t matter where they are economically.”
In terms of financial education, Dorsey said that embracing the Bitcoin standard instills long-term thinking, however, his skepticism toward a BTC-powered universal basic income will lessen based on the results shown by ongoing experiments:
“Just that one action of owning it (BTC) will change people’s mindsets in a fundamental way that is net positive and composite throughout their communities, and encourages other actions like vendors and merchants around them doing similar things.”
Along with the benefits that come with the Bitcoin standard, Dorsey is also keeping an eye out for its negative impacts. On a final note, he highlighted inefficiencies within government policies and how UBI helps address some of the challenges:
“If you intend to help people by giving them money directly, it’s much better than the money that governments (federal and local) spend on these existing support structures. It’s not helping people.”
Related: Jack Dorsey: Diem Was A Waste Of Time, Meta Should Have Focused On BTC
In a recent interview with MicroStrategy CEO Michael Saylor, Dorsey opined that Facebook (later renamed Meta) should have used an open protocol like Bitcoin instead of trying to create its own coin, Diem.
As Cointelegraph reported, Dorsey added that making BTC more accessible would also benefit many of Meta’s voice-over-IP and instant messaging services, such as Facebook Messenger, Instagram, and WhatsApp.
This post Bitcoin encourages transparency and long-term thinking
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