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.

What

  1. The fiat money creates many issues; he believes that Bitcoin’s fundamental structure may help fix them.
  2. Obscurity of information forces and incentivizes people to negative (financial) behaviors that don’t work for them, their community or family.
  3. A Bitcoin powered UBI experiment will make the operations transparent, “as the code is transparent, the policy is transparent.”
  4. 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?

  1. UBI is touted as the solution to alleviate poverty, reduce income inequality, and increase society’s economic well-being.
  2. This includes providing every member of a society with an unconditional basic income to cover their essential living needs.