Former Twitter CEO Jack Dorsey, with the aim of ending poverty in the world bitcoin He talked about the possibility of paying everyone some kind of “Universal Basic Income” using (BTC).
Dorsey Suggests Monthly Bitcoin Payments to Everyone for Basic Needs
In the discussions on Twitter, Dorsey explained to the US Congressional candidate Aarika Rhodes that the existing income inequality in the world could be eliminated thanks to a universal basic income paid using Bitcoin.
However, it should be noted that Dorsey’s “Start Small” initiative is currently working on the universal basic income application in an experimental way.
Dorsey had invested $55 million in this venture. The charity founded by Dorsey is working on COVID-19 relief worldwide. The charity’s website states that after the pandemic, the organization will focus on girls’ health, education and universal basic income.
According to Dorsey, the use of fiat currencies causes a lot of problems, and the underlying nature of Bitcoin can help solve these problems.
The famous name said the following on the subject: “The lack of transparency of fiat currency transactions causes people to exhibit negative financial behaviors for themselves and their families.”
Dorsey believes that existing centralized financial systems work against poor communities because of their lack of transparency.
What is Universal Basic Income?
Universal basic income is presented as a solution that will reduce poverty, solve income inequality and increase the economic welfare of the society. In this concept, every member of society is provided with an unconditional income to meet their basic needs. Dorsey believes that a Bitcoin-powered universal basic income experiment will be conducted in a completely transparent manner.