Former Twitter CEO Jack Dorsey has suggested the idea of ending poverty with a Bitcoin-based Universal Basic Income (UBI) policy. Dorsey was having a discussion recently with the US congressional candidate Aarika Rhodes via Twitter space talk. During the exchange of ideas, Dorsey explained how a Bitcoin-based universal basic income has the ability to end economic disparity.
It’s worth noting that Dorsey’s Start Small project has spent over $55 million in experiments with universal basic income in the United States and abroad. Dorsey founded the Start Small Initiative as a foundation dedicated to worldwide COVID-19 alleviation. As per the charity’s website, “after the epidemic, the emphasis will move to girls’ health and education, as well as universal basic income.”
Dorsey feels that although the use of fiat money generates several challenges, the basic nature of Bitcoin may help resolve them. “Obscurity of data forces and encourages people to engage in negative (financial) behavior patterns that are detrimental to themselves, their neighborhood, and family,” Dorsey explained, noting that current centralized structures are not in the best interests of poor communities due to a complete lack of openness.
UBI is promoted as the answer to poverty alleviation, income disparity reduction, and increased economic prosperity in society. This involves giving an unconditional basic income to each individual in the community to meet their fundamental requirements. Dorsey thinks that a UBI trial powered by Bitcoin would make operations more open, “just as the code is public, the policy is open.”
Dorsey stated that he will cooperate on a fresh small-scale closed-loop community of sellers and traders that will conform to Bitcoin criteria as part of the latest initiative. After achieving success with these small-scale initiatives, he will attempt to replicate the achievement with large-scale execution.
“(We) will fundamentally alter people’s views in ways that are highly favourable and multiply across their communities, as well as inspire other behaviors such as sellers and merchants doing the same thing,” he said. Dorsey stated that personally assisting individuals is considerably superior to the money spent by governments on current support mechanisms.
“It is not beneficial to the public.” Dorsey is a fervent advocate of Bitcoin. His interest in cryptocurrencies began in 2017, when he began lobbying for Bitcoin as the king coin. When the cryptocurrency market fell in 2018, Dorsey remained undeterred, proclaiming Bitcoin the future global currency notwithstanding the digital currency’s lowest level in recent years. Dorsey stated in March 2019 that he gets to spend several thousand dollars every week on Bitcoin.
He also chastised Meta’s (previously Facebook’s) cryptocurrency venture Diem, claiming it was a “waste of labor and time.” Dorsey stated that “those two or three years, or whatever period it’s been” might have been spent getting “Bitcoin more available to more people worldwide,” which would assist Meta’s “Messenger product, as well as Instagram and WhatsApp.”
Dorsey was talking Tuesday at the “Bitcoin for Corporations 2022” conference with MicroStrategy CEO Michael Saylor. When Saylor questioned Dorsey how Bitcoin could aid businesses in resolving some basic issues, Dorsey responded that the internet’s native currency opens numerous gates for “internet providers, tech firms, but more notably for regular citizens, campaigners, and individuals who have questions about the world, are curious, and recognize that the current currency systems are not working for them.”
