For quite some time now, there have been talks about Switzerland planning to give all of its citizens a basic income. Doing so would replace all other forms of income in the country, other than regular employment benefits. With every Swiss citizen receiving roughly US$2,500 per month, there is a lot of room for Bitcoin growth in the country. That is, assuming they see the need for this popular digital currency.
The Swiss Basic Income Proposal
Or that is what most people will think when they learn more about the country’s basic income plan. Every citizen of the world would love to have a basic income, regardless of whether they are employed or not. Most countries around the world have alternatives, such as unemployment income, pensions, and other financial constructions that make life tolerable.
Switzerland, on the other hand, is looking to make a radical change. A nationwide voting will take place shortly, deciding whether or not every adult in the country will receive a US$2,500 basic income. It is important to keep in mind this basic income will replace all other benefits offered, though, but that doesn’t have to be a bad thing.
Despite what most people might assume, such a basic income will not demotivate people from looking for a job. After all, the income is available to employed people as well, which allows people to earn substantial amounts of money every month by getting a job. One thing humans tend to embrace is our inner greed, as we always want to outcompete our friends and family in the financial department.
A recent survey conducted in Switzerland confirmed how most of the participants would continue their job, or be more motivated to look for work. Granted, there will always be people looking to take maximum advantage of such a basic income without having to work ever again. But Switzerland is quite an expensive country, and US$2,500 will not let consumers pay for just about anything and everything.
But What About Bitcoin?
To certain people in the Bitcoin world, giving every Swiss citizen a basic income may seem to be beneficial to digital currency adoption in the long run. After all, more people will have money, which could lead to more people buying Bitcoin. But if they are reaping the benefits from a financial ecosystem that finally makes sense, is there still a need for alternative solutions such as digital currency?
The answer to that question can be both negative and positive. Yes, there will be a need for Bitcoin as people want to invest in something that offers potential. More people with a basic income means there will be more funds to go around. But at the same time, Bitcoin may appear far less attractive to Swiss citizens. Only time will tell.
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