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Block CEO and Twitter co-founder and Jack Dorsey discussed the possibility of a Bitcoin (BTC)-powered universal basic income (UBI) strategy with Aarika Rhodes who is running for a seat in Congress.
Highlighting the base foundation of BTC, Dorsey makes the case that the top cryptocurrency has the potential to solve all issues stemming from the use of fiat currencies. He said:
“If there’s one thing to focus on in Bitcoin — the operations are transparent, the code is transparent, the policy is transparent.
Obscurity of information forces and incentivizes people to negative (financial) behaviors that don’t work for them, their community or family,”
Dorsey is currently researching UBI through his $55 million investment in Start Small, which will create a small-scale closed-loop community of sellers and merchants that are guided by the Bitcoin standards.
Rhodes, currently a full-time elementary school teacher, pointed to the benefits of the use of Bitcoin:
“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.”
Dorsey added that a Bitcoin standard will change people’s perception and induces long-term thinking:
“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.”
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Speaking with Michael Saylor a couple days ago, Dorsey said the world is in need of a sovereign currency, Bitcoin.