Jack Dorsey Backs Bitcoin-powered Universal Basic Income (UBI) Strategy
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- Jack Dorsey met with Aarika Rhodes, a US congressional candidate.
- Dorsey remains wary of Bitcoin’s potential drawbacks as well as advantages.
Over $55 million has been committed by Dorsey’s Start Small project in the United States and abroad to test the feasibility of a universal basic income. Twitter co-founder and Block (formerly Square) CEO Jack Dorsey met with Aarika Rhodes, a US congressional candidate, and a full-time elementary school teacher, to examine the ramifications of a Bitcoin (BTC)-powered universal basic income (UBI) approach.
Invested Over $55 Million So Far
Since the usage of fiat money creates so many issues, Dorsey thinks that BTC’s fundamental structure may help fix them. The entrepreneur has invested over $55 million so far. Dorsey’s experiment plans to create a tiny, closed-loop community of merchants and sellers that adhere to the Bitcoin rules. He hopes to discover use cases for wide-scale deployment based on people’s enjoyment and desire to engage.
According to Dorsey, long-term thinking is instilled by embracing the Bitcoin standard; he expects that the outcomes of continuing trials will diminish his skepticism about a BTC-powered universal basic income.
However, Dorsey remains wary of Bitcoin’s potential drawbacks as well as its many advantages. Finally, he emphasized the inefficiencies of government programs and the benefits of universal basic income (UBI) in addressing these issues.
Dorsey said:
“If you intend to help people by giving them money directly is far better than the money that the governments (federal and local) spends on these existing support structures. It’s not helping people.”
Mark Zuckerberg’s Facebook (Meta) should have utilized an open-ended technology like Bitcoin instead of creating its own money, Diem, according to Dorsey.
Cryptocurrency
