Twitter co-founder and Block (former Square) CEO Jack Dorsey discussed the implications of a Bitcoin (BTC) -supported Universal Basic Income (UBI) strategy with US congressional candidate and full-time elementary school teacher Aarika Rhodes.
“Information forces hide and motivate people to negative (economic) behaviors that are not good for themselves or for the good of society or their families,” Dorsey said, noting the lack of transparency in the current central financial system.
“If there is one thing to focus on in Bitcoin, it is that the operations are transparent, the code is transparent and the policy is transparent.”
This basic basis for BTC is what Dorsey believes can solve many of the use cases and problems that are a direct result of using fiat currencies. Through business initiatives including Start Small, the entrepreneur has invested more than $ 55 million in the United States and abroad to experiment with a universal basic income.
“We also need to test a UBI-like concept with bitcoin.”
Dorsey’s BTC-based UBI trial will involve building a small, closed community of sellers and merchants who follow Bitcoin standards. Based on the happiness factor and willingness to share, he intends to identify use cases for large-scale implementation.
Rhodes strongly believes that the use of bitcoin will reduce the costs associated with bank charges:
“When you have something like Lightning (the network) where you can shop with very low fees, it’s good for everyone. It does not matter where they are financially. ”
In terms of financial expertise, Dorsey said the adoption of the Bitcoin standard encourages long-term thinking, but his skepticism of the universal core income provided by Bitcoin will be reduced based on the results of ongoing experiments:
“Only this act of owning it (BTC) will fundamentally change the way people think, which will be positive and aggravating in their communities, as well as encourage other activities such as merchants and merchants around them to do similar things.”
In addition to the benefits associated with the bitcoin standard, Dorsey is also aware of its negative effects. He concluded by highlighting the shortcomings of public policy and how a universal basic income helps to solve some of the problems:
“If you are going to help people by giving them money directly, it is much better than the money governments (federal and local) spend on these existing support structures. It does not help people.”
Related: Jack Dorsey: Diem was a waste of time, Meta should focus on BTC
In a recent interview with Michael Saylor, CEO of MicroStrategy, Dorsey argued that Facebook (later renamed Meta) should use an open protocol such as bitcoin instead of trying to create its own Diem currency.
As reported by Cointelegraph, Dorsey added that the increased availability of BTC would also benefit many meta-messaging and VoIP services such as Facebook Messenger, Instagram and WhatsApp.