Billionaire Michael Saylor believes that while AI could potentially lower the cost of essential goods or even make them free, money itself is not going away. He argues that people will always have a desire for rare and status-enhancing items, countering Elon Musk’s assertion that money might become irrelevant in the near future. “Not everyone can afford a house in the Hamptons. Not everyone can afford their own private jet,” he stated during a recent interview.
Saylor, who founded the software company Strategy and has integrated Bitcoin into its business model, acknowledged that AI could indeed make everyday necessities much cheaper. However, he contended that this wouldn’t erase the value of money. As basic goods become more abundant, people may shift their focus towards unique items that signify wealth and status.
“If I provide everyone with universal health care, people will seek private health care. If everyone has a house, some will want one that’s twice as large,” Saylor explained, highlighting the innate desire for more. He noted that human beings are drawn to status, making it unlikely that aspirations for luxury will fade.
Saylor pointed to historical examples where technological advancements have led to lower prices for essential goods. Clean water and quality healthcare, once considered luxuries, are now accessible to many in developed countries. “Henry VII didn’t have the conveniences we do today,” he remarked. “We’ve made significant strides in healthcare, reducing infant mortality rates and improving safety.” He suggests that while abundance increases, so does the standard for what constitutes luxury.
He further illustrated this by referencing how even in affluent societies, the demand for luxurious items remains high. “Take New York City, for instance. Why do people pay $300 at a restaurant when they can live on $3 a day?” he pondered.
While Musk and Saylor diverge in their views on AI’s economic impact, other prominent figures in Silicon Valley share the belief that the technology could drastically alter lives. Demis Hassabis, the chairman of Google DeepMind, has described a future marked by immense discoveries in fields like medicine and energy, hinting at a new golden age of exploration.
Despite varied opinions on the implications of AI, there is a prevailing sentiment among some thought leaders that we are approaching a transformative societal phase. AI’s role seems to be more than just technological; it’s increasingly recognized as a political force. Wynton Hall has written a guide on how the MAGA movement can effectively navigate the complexities of AI while safeguarding American values against both Silicon Valley influences and global competition.
