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Jack Dorsey wants to overcome poverty with Bitcoin

Jack Dorsey, the charismatic founder of Twitter, has always believed in the enormous power of Bitcoin and the cryptocurrency as a revolutionary tool for global finance. 

Summary

  • Bitcoin is key for Jack Dorsey
  • Bitcoin’s problems

Bitcoin is key for Jack Dorsey

On his social network, he had a chat a few days ago in which he discussed the implications of a Universal Basic Income (UBI) strategy powered by Bitcoin (BTC) with US Congressional candidate Aarika Rhodes.

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

said Dorsey, who sees the decentralization of Bitcoin as a disruptive weapon to overcome the excessive power of the world’s big financial powers.

I’m very excited to host a Twitter Spaces on UBI and #Bitcoin with @jack.

Joined by: @PrestonPysh @nic__carter @ODELL @Dennis_Porter_ @bigmarh @ck_SNARKs

February 4th at 6:45 PST. Click the link below to add to your calendar: https://t.co/Vvl1YgYWrI pic.twitter.com/MgtXg81Shl

— Aarika for CA-32 🍎🦉 (@AarikaRhodes) February 2, 2022

UBI would consist of providing a basic income to cover one’s basic living needs. Dorsey considers Bitcoin fundamental to his project because it will make operations transparent, “because the code is transparent, the policy is transparent. Just that action of owning it (BTC) will change people’s mindsets in fundamental ways that are net positive and compounds throughout their communities, and encourages other actions like sellers and merchants around them doing similar things”.

He is so convinced of this that in a recent interview with the CEO of MicroStrategy Michael Saylor, Dorsey also said that Facebook should adopt for its new creature, an open protocol like Bitcoin, and leave aside its plan to create a new, non-decentralized digital currency.

Bitcoin fundamental for Dorsey projects

Bitcoin’s problems

Dorsey, because of his extreme conviction in the Bitcoin project, also recognizes that it still has weaknesses that must be overcome if it is to increase the adoption of cryptocurrencies in the real world. The first issue is clearly related to the high energy consumption of mining.

“Mining needs to be more distributed”, Dorsey wrote in a tweet in October, when he first launched the idea. “The more decentralized it is, the more resilient the Bitcoin network becomes”.

5/Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves. What are the biggest barriers for people running miners?

— jack⚡️ (@jack) October 15, 2021

In January, again on Twitter, Dorsey had announced a new project by his company Block to revolutionize Bitcoin mining. This project aims to make mining more open, accessible and sustainable.

Dorsey then spoke on several occasions about the excessive criticism surrounding Bitcoin and that it would slow down its adoption, precisely because the process of evangelizing the project had not yet been completed. 

The growing interest of these last months of big investors or venture capitalists in the new web.3, which is the one defined by the world related to digital assets, represents a big risk for the former CEO of Twitter, because it could lead to a sort of control over it by big financial investors, thus limiting its peculiar characteristic of decentralization.

   

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