Jack Dorsey Talks about Bitcoin transparency but expresses concerns over underlying risks

Jack Dorsey, co-founder and CEO of Block, previously Square, talked about the BTC-powered universal basic income (UBI) with Aarika Rhodes, the US congressional candidate and a full-time elementary school teacher.

Dorsey pointed out the lack of transparency in the current financial system and said:

“Obscurity of information forces and incentivizes people to negative (financial) behaviors that don’t work for them, their community or family.”

He took the side of Bitcoin by saying that everything including operations, code, and policies is transparent.

Jack Dorsey believes Bitcoin can solve existing issues

Jack Dorsey has spent more than $55 million in UBI experiments in the United States and abroad through company initiatives such as Start Small. He believes that the BTC foundation has the ability to solve a variety of use cases and challenges that have arisen from fiat currency usage. 

Dorsey’s Bitcoin-powered UBI experiment will entail establishing a small-scale closed-loop community of sellers and merchants who accept Bitcoin’s principles. 

Rhodes is convinced that incorporating Bitcoin will lower the costs associated with banking fees:

“When you have something like Lightning, where you can transact at very low fees is a benefit for everyone. It doesn’t matter where we are economically.”

In terms of financial literacy, Jack Dorsey also talked about financial education and said that adopting the Bitcoin standard instills long-term thinking, but that his skepticism of a BTC-powered universal basic income will diminish as the outcomes of the existing experiments become clearer.

Just holding BTC will transform people’s perspectives in fundamentally positive ways and multiply throughout their networks, encouraging other sellers and merchants to do similar things, says Dorsey.

Along with the advantages of the Bitcoin standard, Jack Dorsey is equally concerned about the underlying risks. He pointed out inefficiencies in government regulations and how UBI can help address some of the issues. India recently warned its citizens against crypto-related risks and frauds.