Twitter co-founder and Block CEO Jack Dorsey spoke with U.S. Congressional candidate Aarika Rhodes about Bitcoin-backed Universal Basic Income (UBI) strategies.
The CEO's Start Small program has invested more than $55 million in a number of countries to test universal basic income.
Dorsey said the financial system currently in use is flawed and creates economic hardship for people. In addition, "everything in Bitcoin is transparent." Says.
Dorsey said they are trying to create a UBI-style system in Bitcoin, and initially it will include people who make small-scale transactions according to the Bitcoin standard. However, it is intended to be used widely as needed for later participation.
Aarika Rhodes said she believes that incorporating bitcoin into the financial system will reduce the cost of transaction fees for the banking industry.
Dorsey suggests Bitcoin and long-term thinking, and he believes that once the results of the experiment are published, doubts about Bitcoin-backed universal basic income will diminish.
The CEO said he would be cautious about the negative effects and benefits of bitcoin, and ended his speech by citing inadequate and inefficient government policies.