Elon Musk predicted that money could become largely irrelevant by 2036 as artificial intelligence and robots create extraordinary abundance, according to an interview with The Economist editor-in-chief Zanny Minton Beddoes. Musk argued that advances in AI and robotics could allow society to produce more goods and services than people can consume, dramatically reducing the importance of traditional money. The prediction comes as Bitcoin fell below $65,000 in February and the cryptocurrency market faces continued pressure.
Musk Describes AI and Robotics Abundance Vision in Economist Interview
In the interview with The Economist editor-in-chief Zanny Minton Beddoes, Musk argued that people primarily need money to obtain goods and services, including food, housing, transport and entertainment. He believes advances in artificial intelligence and robotics could eventually allow society to produce more goods and services than people are able to consume.
According to Musk, this level of abundance could dramatically reduce the importance of traditional money. If robots can produce essential goods cheaply and efficiently, scarcity may become less relevant in large parts of the economy. Musk questioned the purpose of accumulating wealth if AI-powered systems can provide more goods and services than any individual could reasonably consume.
Musk previously described energy as the true foundation of money. He has argued that governments can create more fiat currency, while energy itself cannot be fabricated. Bitcoin mining requires large amounts of computational power and electricity, which led some crypto advocates to view Bitcoin as a monetary system directly connected to energy.
Tesla and SpaceX Hold Combined Bitcoin Worth Close to $2 Billion
SpaceX holds approximately 18,712 Bitcoin, while Tesla owns around 11,509 Bitcoin. At a Bitcoin price of roughly $65,000, their combined holdings would be worth close to $2 billion.
Bitcoin has a fixed supply of 21 million coins. The cryptocurrency fell below $65,000 in February and has struggled to establish a sustained recovery.
FAQ
What did Elon Musk predict about money by 2036?
Elon Musk predicted in an interview with The Economist editor-in-chief Zanny Minton Beddoes that money could become largely irrelevant by 2036 as artificial intelligence and robots create extraordinary abundance. He argued that advances in AI and robotics could allow society to produce more goods and services than people can consume, dramatically reducing the importance of traditional money.
How much Bitcoin do Tesla and SpaceX hold?
SpaceX holds approximately 18,712 Bitcoin, while Tesla owns around 11,509 Bitcoin. At a Bitcoin price of roughly $65,000, their combined holdings would be worth close to $2 billion.
What did Musk say about energy and money?
Musk previously described energy as the true foundation of money. He has argued that governments can create more fiat currency, while energy itself cannot be fabricated. Bitcoin mining requires large amounts of computational power and electricity, which led some crypto advocates to view Bitcoin as a monetary system directly connected to energy.
