Elon Musk Predicts Universal High Income

Elon Musk has mentioned that he might soon be able to save money because it will not be necessary. He foresaw that universal high income will be used instead of traditional wages. As such, he maintained that poverty will not exist anymore. He attributed this to the fast advancement in AI. Most of the labor will be automated. The productivity will explode in sectors. Consequently, there will be increased income distribution.

Musk claimed this during a conversation on savings account. He ruled out long-term saving requirements. Rather, he stressed on plenitude. The statement was however controversial. Many viewed it as optimistic. Others viewed it as risky. Economies in transition are hardly ever smooth sailing. The instability normally occurs as a result of structural changes. Thus, timelines were questioned by critics. They questioned execution. They questioned incentives. Nevertheless, Musk doubled his own confidence. He framed AI as inevitable. He placed the concept of abundance in perspective.

Bitcoin Musk Community Treads Carefully

Bitcoin user base responded in a pessimistic manner. They put a stress on financial restraint. They focused on fixed supply. Thus, they did not want to depend on universal income. Bitcoin advocates have faith in self-sovereignty. They are distrustful of centralized systems of distribution. Furthermore, there is still a lot of inflation panic.

Universal income tends to enlarge money supply. Bitcoin offers scarcity. Bitcoin comes with predictability. Thus, most positioned Bitcoin as insurance. They claimed that there is still need to protect future income. Also, automation can first outsource workers. Redistribution of income can be behind schedule. That gap creates risk. The owners of Bitcoin noted historical precedents. Promises often arrive late. Markets move faster. Thus, savings are not completely insignificant.

Abundance, Technology and Financial Reality

Governance requires trust. Trust often breaks. As such, people take up hedging on their own. The adoption of crypto indicates the behavior. The vision of Musk is encouraging. Markets however price uncertainty. Bitcoin flourishes in the state of uncertainty. Due to this, the discussion persists.