Twitter co-founder and Block (formerly Square) CEO Jack Dorsey spoke with Aarika Rhodes, a US congressional candidate, about the implications of a Bitcoin (BTC)-powered universal basic income (UBI) approach.
The “obscurity of information drives and incentivizes individuals to engage in undesirable (financial) behaviours that don’t benefit them, their community, or family,” Dorsey added, referring to the current centralised banking system’s lack of transparency.
As a direct result, Dorsey says that the underlying foundation of BTC has the ability to solve multiple use cases and challenges as a direct result of using fiat money. The entrepreneur has spent over $55 million on UBI experiments in the United States and abroad through company initiatives such as Start Small.
Dorsey’s BTC-powered UBI experiment will entail the establishment of a small-scale closed-loop community of sellers and merchants who adhere to Bitcoin principles. He hopes to discover use cases for large-scale deployment based on the happiness quotient and the desire to engage.
Yet, Dorsey stated that adopting the Bitcoin standard instils long-term thinking in terms of financial literacy; yet, his pessimism of a BTC-powered universal basic income will diminish based on the results of continuing tests.