Bitcoin enthusiast Jack Dorsey is keen to leverage bitcoin’s transparency feature. He believes the base foundation has the potential to solve numerous use cases and problems as a direct result of using fiat currency. Dorsey has invested over $55 million across the US and foreign markets to experiment on the universal basic income (UBI) strategy.
The Block CEO said they are about to do a test of the UBI-like concept with BTC as well. Through the trial, they will create a small-scale closed-loop community of sellers and merchants that adhere to bitcoin standards. Dorsey will identify use cases based on the happiness quotient and willingness to participate for wide-scale implementation.
Aarika Rhodes, a US congressional candidate, thinks that involving bitcoin will significantly reduce the costs related to banking fees. She said that when there is something like the Lightning network, transactions can be processed at very low fees and this will benefit everyone. Dorsey says adopting bitcoin standard inspires long-term thinking.
He highlighted that owning a BTC will change people’s mindsets in fundamental ways that are net positive. It will compound throughout communities and encourage sellers and merchants to do similar things. Dorsey has also been keeping a tab on the negative implications. There are inefficiencies within the government policies but UBI will be able to address the challenges.
Dorsey said giving people money directly is far better than governments spending on support infrastructure.