Elon Musk Explains Why He Believes Money Could Change By 2036
Musk predicts technology could reshape the future of money.
Tesla and SpaceX CEO Elon Musk has predicted that money could become far less significant by 2036 if advances in artificial intelligence (AI) and robotics lead to a future of extreme abundance. Speaking during an interview with The Economist Editor-in-Chief Zanny Minton Beddoes, Musk said AI-driven production could eventually make goods and services so widely available that traditional concepts around money may change.
Musk explained that people primarily need money to access essential goods and services such as housing, transportation, and entertainment. He argued that if AI systems and robots are capable of producing more goods and services than humans can consume, the need for money as a measure of value could decline significantly.
During the discussion, Beddoes questioned how such a future would affect investors, workers, and economies, especially if AI leads to widespread job displacement. She raised the possibility of measures such as higher taxes on capital or universal basic income to support people affected by automation.
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Responding to the question, Musk suggested that governments could provide direct financial support to citizens. He said authorities could simply issue payments to people, while acknowledging that such a move could raise concerns about inflation and economic stability.
Musk argued that conventional economic assumptions may not fully apply in an AI-powered economy. He said inflation depends on the relationship between the money supply and the availability of goods and services, predicting that increased AI-driven production could lead to deflation instead of inflation if output grows faster than the amount of money in circulation.
Despite his optimism about AI’s potential, Musk admitted that the transition period could create major social and political challenges. He described AI as both exciting and concerning, saying that the technology could bring significant benefits while also creating uncertainty as societies adapt to rapid technological change.
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