Soon a universal income based on Bitcoin? – Jack Dorsey, CEO of Block (formerly Square), seems to be taking this very seriously with the help of its public fund Start Small. He spoke about his project around Bitcoin, with Aarika Rhodes, candidate for the American congress. Explanations.
Jack Dorsey and Bitcoin towards the advent of a universal income?
the last February 4 A Tweeter Spaces was held, an ephemeral discussion open to everyone, between Aarika Rhodes and Jack Dorsey. The latter shared his vision of a universal basic income (UBI) based on bitcoin.
During this interview, Jack Dorsey pointed out the nebulous environment that surrounds the current centralized financial system. According to him, he would not allow people to adopt the right behaviors with their money. He underlined the government policy inefficiencies to solve certain challenges. For him, theUBI is the solution :
“If you’re going to help people by giving them money directly, that’s way better than the money governments (federal and local) spend on existing support structures. It doesn’t help people. »
Jack Dorsey then advances his project to use Bitcoin. It will serve as a foundation for the deployment of the UBI.
The experiment would involve the creation of a small closed-loop community of sellers and merchants who would adhere to the bitcoin standards. For this he intends to identify the feasibility of his project for mass adoption. Indicators such as the happiness quotient or the willingness to participate would be used.
Jack Dorsey further states that thebitcoin adoption by the populations would in fact inculcate in them a long-term thinking about managing their money. His skepticism of a universal income based on Bitcoin will diminish depending on the results obtained during the experiments.
“The mere fact of owning it [BTC] will fundamentally, positively and comprehensively change the mindset of people in their community, and encourage other similar actions among vendors and merchants around them”
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Jack Dorsey Starts Small but Thinks Big with Bitcoin ?
“If there was only one thing to focus on in Bitcoin – [ce serait sa transparence] – operations are transparent, code is transparent, policy is transparent”
Jack Dorsey thinks this bitcoin network transparency would be the solution to a number of problems related to the use of fiat currencies. Through its commercial initiative Start Small, the entrepreneur invested more than $55 million in his experiments on the UBI.
Start Small is a public fund which Jack Dorsey had launched in order to support actions against Covid-19. He announced on April 7, 2020 to dedicate 1 billion of his Square shares to help people affected by the pandemic. However, he specified that in a second stage this capital would be allocated to two major projects:
- L’UBI (Universal Basic Income)
- The women’s health and education in places where a gap exists with respect to men
According to him, these two axes of support will bring long-term solutions to the problems of our world today.
In a recent interview with Michael Saylor, CEO of MicroStrategy, Jack Dorsey had acquiesced in the idea that Meta (Facebook) should have used a protocol like Bitcoin for its financial projects rather than trying to create its own cryptocurrencies, the diem. Jack Dorsey is convinced of the bitcoin potential and does everything possible to build a bright future for it. Will the future prove him right?
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