Twitter co-founder and Block (formerly Square) CEO Jack Dorsey on the implications of a Bitcoin (BTC)-powered universal basic income (UBI) approach with Aarika Rhodes, a US congressional candidate and a full-time elementary school teacher.
“The lack of openness in the existing centralized banking system drives and incentivizes people to engage in undesirable (financial) activities that don’t benefit them, their community, or their families,” added Dorsey.
“If there’s one thing to focus on in Bitcoin — the operations are transparent, the code is transparent, the policy is transparent.”
Dorsey feels that the BTC foundation has the ability to solve a variety of use cases. Then, and challenges that have arisen as a result of the use of fiat currency.
The entrepreneur has spent over $55 million in UBI experiments in the United States. Then, and abroad through company initiatives such as Start Small.
“We’re about to do a test of the UBI-like concept with Bitcoin as well.”
So, Dorsey’s Bitcoin-powered UBI experiment will entail establishing a small-scale closed-loop community of sellers and merchants who follow Bitcoin’s rules. He plans to identify use cases for wide-scale adoption based on the happiness quotient and desire to participate.
Lastly, Rhodes is convinced that incorporating Bitcoin will lower the costs associated with banking fees:
“When you have something like Lightning (network), where you can transact at very low fees”
“is a benefit for everyone. It doesn’t matter where are economically.”
So, In terms of financial literacy, Dorsey believes that adopting the Bitcoin standard instills long-term thinking. However, that his skepticism of a BTC-powered universal basic income will diminish as the outcomes of the continuing tests become clearer:
“Just that action of owning it (BTC) will change people’s mindsets in fundamental ways that are net “
“positive and compounds throughout their communities, and encourages other actions like sellers”
” and merchants around them doing similar things.”