Compass Investments

Elon Musk and Michael Saylor, co-founder of Strategy (NASDAQ: $MSTR), hold diametrically opposed views on how artificial intelligence will affect the economy: Musk expects money to become virtually obsolete, while Sailor insists that scarcity will always remain valuable.

In an interview with China Media Group that aired last week, Musk expressed confidence in the emergence of what he called effectively universal high income, envisioning an era of abundance where humanoid robots will produce so many goods and services that people will be unable to consume them all.

On Tuesday at the White House, he reiterated this idea, telling reporters that superintelligence and robots are capable of providing not just a universal basic income, but a universal high income, including improved healthcare. Musk expressed similar ideas in a July interview with The Economist, predicting that by 2036, money would become obsolete.

Also from Cryptoprowl:

Sailor debunked this concept a month later while appearing on the Diary of a CEO podcast. When host Stephen Bartlett asked if he agreed with Musks prediction, Sailor replied that despite the abundance of basic necessities, not everyone will be able to afford a home in the Hamptons, a private jet, or a yacht.

He acknowledged that artificial intelligence could significantly reduce the costeven to the point of making them freeof basic necessities such as housing and transportation, but insisted that this would merely redirect spending toward rarer, status-symbol goods, rather than eliminate the role of money. People are status-seeking creatures, and they will always crave morewhether its a bigger house or a cooler car than others have, he explained.

Sailors argument also serves as the main rationale for Bitcoin (CRYPTO: $BTC), whose total supply is capped at 21 million coins. In July, his company sold 3,588 bitcoins to cover payments to investors, but resumed buying in September and now holds 847,666 bitcoins, which are worth approximately $71 billion at current prices.”,”detected_source_language”:”RU