Elon Musk forecasts that currency will lose its significance by 2036
Musk asserts that artificial intelligence and robots will generate unparalleled abundance, rendering conventional notions of money progressively irrelevant on a global scale.
Elon Musk, the world’s richest individual, has forecasted that within the next ten years, money may become largely insignificant due to advancements in artificial intelligence and robotics. He envisions an era of “incredible abundance,” where machines generate more goods and services than humans can utilize.
In a comprehensive interview with The Economist, Musk expressed that the swift advancement of technology would fundamentally alter the global economy and labor market, diminishing the significance of traditional notions of wealth and employment. “Money won’t matter in 2036,” Musk asserted.
Questioning the future role of money, the chief executive of Tesla and SpaceX asserted that with an abundance of goods exceeding human consumption, money may become obsolete within the next decade.
“What is your purpose for wanting money?” You seek compensation for products and services, correct? “If robots and AI are delivering more goods and services than any human could ever consume, what purpose does money serve in that scenario?” he inquired.
Musk contended that extensive automation would not inevitably lead to economic difficulties, forecasting instead what he referred to as “universal high income” as AI systems progressively assume the productive tasks currently carried out by humans.
He also proposed that China might become a leading power in artificial intelligence due to its expanding computing capabilities, highlighting that Chinese technology firms were already achieving notable advancements despite having relatively constrained computing resources.
The billionaire admitted that he became “a little too involved in politics” after his participation in the 2024 United States presidential election, following President Donald Trump’s appointment of him as senior adviser and co-head of the Department of Government Efficiency (DOGE), which concluded its operations earlier this month.
According to Musk, the department was created to ensure that public funds are utilized wisely and to prevent fraudulent spending. “I received quite a bit of criticism for this,” he admitted.
In response to criticism regarding his political views and remarks on immigration, Musk dismissed claims of being racist.
My partner is of Indian descent, and together we have four children. “One of them was named after a famous Indian physicist, so I would argue that I’m not racist,” he stated.
He stated that there were “senior executives of all races” within his companies, asserting, “I don’t think there’s any racism there.”
When asked about claims that he harbors anti-Muslim sentiments, Musk clarified that his opposition is aimed at individuals attempting to impose values that clash with those of Western societies.
“I oppose the idea of people entering a country with opposing views,” he stated. “I oppose rape and murder, and I stand against the enforcement of rules and laws that contradict the values we have embraced in the West,” he emphasized.
Although he recognizes that some individuals “loathe” him, Musk expressed that he is unfazed by public opinion.
“Perhaps there are individuals who truly dislike me, and that may be accurate, but it doesn’t concern me,” he stated, noting that his nearly 250 million followers on X indicated that “many more people actually appreciate me than those who don’t.”
