Former Twitter, current Block CEO Jack Dorsey talked about the possibility of paying everyone a kind of “Universal Basic Income” using Bitcoin to end poverty in the world.
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.
In the discussions on Twitter, Dorsey told US Congressional candidate Aarika Rhodes that a universal basic income paid using Bitcoin could eliminate the existing income inequality in the world. It is known that Dorsey's initiative called "Start Small" 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 Jack 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 lack of transparency of fiat currency transactions causes people to display 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.
Bitcoin exceeds $ 40 thousand and hovers at $ 41 thousand 500
Bitcoin, which entered a downward trend after the peak of $ 68 thousand in November, exceeded the critical level of $ 40 thousand. In the past weeks, Bitcoin has seen below the level of 33 thousand dollars due to the sharp depreciation in technology stocks in the USA and the Fed's monetary tightening signals. Bitcoin, which is in a recovery trend, exceeds the critical threshold of $ 40 thousand and is traded at $ 41 thousand 500.