Jack Dorsey is poised to drive bitcoin adoption through a small investment in the United States.
Jack Dorsey is the CEO and founder of Block. He believes in Bitcoin because of its quality of trust and decentralized nature. In Q4 2021, Jack Dorsey left his job as CEO of Twitter to work full-time on Bitcoin and blockchain-based development.
Former Twitter CEO Jack talks with U.S. Congressional candidate and full-time elementary school teacher Aarika Rhodes about the Bitcoin (BTC)-backed Universal Basic Income (UBI) system.
Jack points out that the current decentralized system is not conducive to communities or families because of the lack of transparency.
“The ambiguity of information forces and motivates people to adopt negative (financial) behaviors that don’t work for them, their communities or families, while pointing to the lack of transparency in the existing centralized financial system.”
In addition, he added, if we focus on Bitcoin, then we will gain great transparency and great policy transparency through its technology.
“If there’s one thing to focus on in Bitcoin – the operations are transparent, the code is transparent, the policies are transparent.”
Jack believes that Bitcoin can solve multiple problems with the limitations and disadvantages of using fiat currency. To that end, Jack invested $55 million in the U.S. and overseas to begin the initial work on UBI.
“We are also about to test a UBI-like concept with Bitcoin.
In this new experiment from Jack, they will be working with a community that includes a community of sellers and merchants that adhere to the Bitcoin standard. After achieving better success with these small-scale efforts, he will try to do the same thing on a large-scale implementation.
He also noted that with such a goal, he aims to change the basic thinking of people.
“(We) will fundamentally change people’s mindsets in ways that are positive and Compound throughout the community and encourage other behaviors, such as sellers and businesses around them, to do similar things.”
Read also: Myanmar military plans to launch its own CBDC