Bitcoin powered UBI
Former Twitter CEO Jack Dorsey discussed the possibility of a Bitcoin powered Universal Basic Income (UBI) strategy to end poverty. It should be noted that Dorsey’s Start Small initiative has invested over $55 million across the United States and overseas to experiment on universal basic income.
- The fiat money creates many issues; he believes that Bitcoin’s fundamental structure may help fix them.
- Obscurity of information forces and incentivizes people to negative (financial) behaviors that don’t work for them, their community or family.
- A Bitcoin powered UBI experiment will make the operations transparent, “as the code is transparent, the policy is transparent.”
- Under the new experiment, he will collaborate new small-scale closed-loop community of sellers and merchants that will adhere to the Bitcoin standards. After success through these small-scale efforts, he will try to do the same on high-scale implementation.
What is UBI?
- UBI is touted as the solution to alleviate poverty, reduce income inequality, and increase society’s economic well-being.
- This includes providing every member of a society with an unconditional basic income to cover their essential living needs.