Wealth inequality has reached extremes that demand attention. About 2,000 people carry billionaire status while four out of five humans subsist on under $10 a day. Worse still, nearly half a billion m
Wealth inequality has reached extremes that demand attention. About 2,000 people carry billionaire status while four out of five humans subsist on under $10 a day. Worse still, nearly half a billion manage on $10 a week or less.
Yoni Assia, who runs eToro, began thinking about these gaps in 2008 when he wrote a piece called "The Visible Hand." He wanted an economy where interest rates wouldn't vary by wealth tier and education institutions would command more respect than corporations. Bitcoin's emergence and blockchain technology since then made that vision seem less theoretical. "The original concept has shifted since then," Assia said. "Watching the economic damage from COVID-19 has convinced me that basic income offers the best path forward for the problems ahead."
Universal basic income means giving people cash on a schedule with no conditions attached, regardless of their employment status. Assia described it this way: "The fundamental principle of universal basic income is providing an unconditional, regularly recurring cash payment on an individual basis, regardless of a person's employment status or social standing." Getting corporations onboard poses a challenge, though Assia sees a path forward. If millions across the world adopt GoodDollar, major financial players will follow.
"Wealth inequality has consumed my attention for two decades," Assia said. "It sits at the core of our economic problems. I've believed the solution was within reach when conditions aligned." eToro gave GoodDollar a $1 million initial boost when the project started, with additional backing coming later. The app launch came after 18 months of development. "What we've done is transform an idea into a working product and economic model that can deliver sustainable income across the world," Assia said.
Workers fear automation will eliminate their jobs. Estimates suggest 800 million positions could vanish by 2030. Industry 4.0 proponents argue automation frees people from drudgery and lets companies benefit from workers tackling more rewarding tasks. Basic income would shield people from desperation, giving them room to study, apprentice, or hunt for better positions. Assia disagreed that a robot tax would solve the problem. "Automation will keep pushing industries forward, and the bond between humans and machines will reshape itself," he said. "The harder question becomes: who gains, who loses, and what kind of life do those workers get?" Better balance between employer and employee needs lets workers build skills and find more fulfilling roles, a pattern visible in technology and other specialized fields.
Blockchain technology sits at GoodDollar's center. The nonprofit aims to lift people out of poverty using that infrastructure and open new economic doors. "In blockchain, we've heard endless promises about financial inclusion but seen few examples of it working," Assia said. "To succeed, we need to make blockchain simple enough to rival apps like Venmo or PayPal. Our industries are still figuring out how to deliver useful blockchain products. GoodDollar pushes ahead by putting financial control back in users' hands."
The G$ coin launched in September 2020. Within six weeks, nearly 50,000 people from more than 160 countries created accounts. About 20,000 users logged in each day to collect basic income. Assia's longer goal involves spreading GoodDollars to millions through basic income principles. The team now plans to focus on public education, helping people understand crypto-assets and what they offer.
"I've spent my career opening capital markets to more people, raising their wealth and position," Assia stated. "GoodDollar extends that mission to populations that have been locked out of these systems."
