UBI Ep.9 - Will It Save Crypto & Global Economy?

potentially through a digital dollar. What do you kind of take from, uh, from this whole idea of everyone hates Libra and Bitcoin, you know, 12 months ago to now we're talking about potentially paying UBI via a digital dollar into a digital wallet? To me, it sounds like they're speeding up the adoption of Bitcoin. I mean, think about it, you're going to have immediate clearance of transactions in the Bitcoin. So before, if they were doing UBI checks to, to their Bank of America account and then they had to clear it and whatever, I mean, it's just— I think it's going to be a faster, uh, clearance of transactions time into a sound monetary baseline currency. And there's definitely no difference in it being pegged, which is the issue. So unless— and even if they did say it was pegged, I don't think anyone would believe it. So I know I wouldn't. I would immediately swap it into Bitcoin if I received it. And I think anybody who understands what's happening is going to do the exact same thing. So if anything, they've just accelerated.

Hey guys, welcome back to the channel. I hope you're having a great afternoon, evening. Uh, we're doing the, um, video here on one of my other recording devices. The other ones are, uh, being charged right now. So hopefully this will come out okay and you can hear me all right. Um, so this is Universal Basic Income Episode 9, I believe, and entitled, Will Universal Basic Income Save both crypto and our global economy, right? So this is an excerpt from the Anthony Pompliano show. If you don't know who Anthony Pompliano is, he's a big Bitcoin advocate. He appears on many of the mainstream media financial shows speaking about Bitcoin. He has his own podcast and has an interesting podcast. We invite you to watch it. It's like the Joe Rogan podcast for financial guys, for crypto guys. But this episode is talking about can universal basic income, uh, aid in saving our global economy. Um, it's, uh, uh, goes a little bit into detail about how the Congress Washington, D.C. politics, Nancy Pelosi had proposed using digital currencies to aid and assist in some of the financial woes we're facing. And, you know, through some type of universal basic income stimulus idea. And this is ever more present. It was a time when universal basic income sounded ridiculous. Like this was just something out of a science fiction show or some type of dystopian society that control Universal Basic Income, or even some utopian society where everybody got— however you want to look at it, Universal Basic Income is becoming part of the normal part of the dialogue of what's happening in our financial systems to the point people are starting to believe that it might be one of the things that makes the most sense and one of the things we need to implement. And this pandemic, many believe, has sped up the situation to make, uh, this even more needed to, to save what's happening in our economy. Uh, even prior to the coronavirus, we were headed many economists believed, into a long overdue recession. Some of us believe that a lot of things that's happened in capitalism over the last 100 years or so has been kind of imploding, right? That it's gonna come to a head and that we've kind of done this kick the can down the road, as it were, our version of capitalism, right? And so because of that, a lot of economists believe even prior to the coronavirus that this economy was coming to a head, was gonna go into some type of recession. Coronavirus comes along, it gets that much worse. Now every other month they're sending out stimulus packages. They're needing to get more money out to people in an effort to save to save this economy and to try to stimulate it, right? Some people are saying do nothing. Some feel that would be devastating. This is a very similar situation argument we had to the 2008 crisis, right? Where the banks were failing, right? Some people said let them fail, do nothing. The argument was that it would be catastrophic if we did nothing. And we're kind of in a similar place. now. Even more dire now because I think there's a direct, clear, and present danger situation for people and their families directly at a much more higher level. And this time around, many believe it's going to be many times worse than it's ever been. right? Like we might be talking the Great Depression type situation. Um, so there are many proposals on the table, or maybe not many, but, uh, universal basic income is one of them. Now, this is kind of a, a, a, a, a, a, a twofold situation because on one end like what Nancy Pelosi was suggesting, this type of digital currency where they would issue payments to people, right? It'd be easy to move this value and do these transactions into people's digital wallets, right? Sort of like that where it's addressing our standard economy and how to help people through these economic crises and pandemics as it were. You go over to cryptocurrency, there is a similar problem, and that is cryptocurrency, is it going to really be useful to the people on a scale where I think it's going to be of significant use? What's happening a lot with products like Bitcoin right now is Bitcoin has become what I believe to be a financial product for people with disposable income, right? These are probably people who are in the accredited investor class and they, you know, are looking for new investments, new way to preserve capital to make more money. And what I believe has happened is this is still leaving out the masses of people who probably need cryptocurrency the most. It is a very similar feeling to what you get in developing nations where many cases are made where people in developing nations, it would be very ideal if they had a cryptocurrency. It would seemingly solve their hyperinflation problems and so on and so forth. But we find through more careful study that it is the people who need the cryptocurrency the most in these areas that don't have either the technical resources to obtain them, you know, or they're just in a position where they're not able to access and use cryptocurrency. And oftentimes the sad part about it, and I found this out from research, just studying and actually talking with a lot of people from different places, but have in many developing nations and hyperinflated countries, Oftentimes what we found out is the people that are in cryptocurrency that are getting value are oftentimes the more wealthier people, and then they still become the people who need the cryptocurrency to aid them the least, right? Because they're probably part of these richer classes, and what they're doing in actuality is they're posing in a sense as a— or taking advantage of a higher valued economy And, you know, that would probably just be something people are gonna do. But the bottom line is the people who still need it the most are the people who can't access, and that's the people who are suffering, who don't have bank accounts, who don't have identification to get bank accounts, who don't have the digital wallets, or they don't have the means to get them. And so there are projects out there that are trying to help in that way and doing all that can be done. But I believe Bitcoin would be the furthest away from that in helping and aiding those people, right? Some people are saying that it could be Bitcoin as a financial product, maybe to deliver it to a digital wallet. And that may very well work because if you think of something like universal basic income, if you were to deliver something like Bitcoin, it wouldn't be a situation where you'd have to, but now once they give them Bitcoin, doing transactions with Bitcoin and so on and so forth, it's still gonna be, not the best, the most optimal cryptocurrency to use, right? But the idea of universal basic income and cryptocurrency, I think, gives cryptocurrency a tremendous use case. Um, what I'm seeing also is a lot of people are building businesses, you know, on the blockchain, and many of these businesses have some use, right? Uh, many things have some use, but I think the operative word is do they have significant use, right? Do they have enough significant use to, for it to be a, uh, uh, you know, something that's going to be provide many solutions across the globe? And, uh, some believe collectively it will, but what we do know, or what I found from universal basic income, is that it allows for one of the best use cases I've ever seen in cryptocurrency. If you think of some something like cryptocurrency. It is not like a credit card payment or bank account or something like that. And a lot of people say that's the idea of it, not to be that, but there are many shortcomings in not being able to have certain centralized players involved, whereas it comes to handling of finances, right? For instance, if you lose your password, you know, the thing about it is that we're told to be responsible adults. If you lose your password, that's your fault, right? But in real life, it kind of doesn't play out like that, does it? I think when we still live in a world where people, if they lose their passwords, if they lose their accounts, or if they're robbed or whatever happens, some type of insurance from that is desirable still to a lot of people. And I think that level of responsibility, whereas it does sound good in theory, I don't think it really works out in actuality for a lot of people, and a lot of people are still going to want to have their hand held, so to speak. Um, so I think that's going to also kind of hinder a bit of the, of the adoption of cryptocurrency. But if you look at something like universal basic income, um, it's generally a one-way payment, right? You're not going to be, uh, really having to deal with any kind of chargebacks or so on and so forth. I think the important thing is going to be the delivery of the value in a sense or in a way where people know that the value is there and it has been proven that you hold that value. Now once it's there, uh, you, you can kind of make any deals you want with your merchants and vendors and so on and so forth, right? But I think universal basic income does provide one of those compelling use cases, uh, that can be put in practice, especially now. And we're kind of seeing that. We're seeing the relief people are getting from many of these rounds of stimulus packages. Because in addition to just, uh, being this idea or this project or this crypto, uh, uh, currency, UBI is thought to be a way to stimulate the economy, right? To get more money flowing through local economies and businesses. And to get the creation, he says, of more businesses and to get the more productivity from citizens, right? And so when you couple all these things together and you add cryptocurrency into it, it makes a very compelling case that universal basic income could probably be one of the best things we could be doing with cryptocurrency right now. I couldn't think of much of anything else. You know, as we've mentioned earlier, people come up with a billion things to put on the blockchain, and the fact of the matter is we've seen very little application use on the blockchain, right, as of yet. And it— we don't seem to be having any breakouts, even some of— even though some of the ideas that are proposed seem awesome, I think in practice they just don't yield the results many of us want. But I think universal basic income would be different. I think because it's such a broad idea and such one that's catching on to so many right now, I think that it would go a much further way in presenting the case for cryptocurrency, right? You know, again, right now Wall Street is the biggest buyer of these cryptocurrencies. They are driving the market. But of course, many of our fears is what happens when Wall Street doesn't want to play the crypto game anymore, right? I know some people believe many of these cryptocurrencies will be around a long time. Many address Bitcoin, but I would remind people that Bitcoin, uh, is a very, very— although one of the first and led the way to blockchain technology, I think we need to very much separate blockchain technology from Bitcoin, right? You know, Bitcoin's the first protocol, the first platform, and Bitcoin— everything's changing around Bitcoin. You know, in 10, 20 years, in a world that is driven by green energy and concerns about climate change, you know, a big topic in our political system, one of the biggest Candidus ran on. I don't think that is going to be the best bet to believe that Bitcoin 10, 20 years down the road is going to make the case for, for what cryptocurrency should be. That is not saying Bitcoin won't be very valuable and that it won't be a main cryptocurrency, but I don't think Bitcoin will fit the narrative of what's happening in our world and space in 10, 20 years. I just don't. I think it's gonna be a much different world. I think it's gonna be one that really needs to embrace green energy, take climate control seriously. And I think the attitudes of these future generations is gonna be one of that and not one of waste, right? That is kind of how I, From looking around me now, what it looks like if we were to extrapolate out, I kind of see it going that way. But, um, can universal basic income save both the global economy and cryptocurrency? I would just leave you with this: if anything can do it, it would probably be an idea like universal basic income. Real quick, I want to talk about our project, BitcoinNYK.com. Universal business income on the blockchain. We'll leave a link in the description. Try it out, check it out. You'll get free cryptocurrency of value just for signing up, trying it out, getting a free wallet. And there you go. So try that out, BitcoinNYK.com. But that's all I want to say in this video. If you like content like this, don't forget to like, subscribe. And until next time, as always, take care.