Elon Musk Predicts Money Could Lose Much of Its Importance by 2036 as AI and Robots Create Abundance

American billionaire Elon Musk has predicted that traditional money may lose much of its importance by 2036 as artificial intelligence (AI) and robots transform the global economy and produce an unprecedented level of goods and services.

In an interview with The Economist editor-in-chief Zanny Minton Beddoes, Musk said that within the next decade, AI and robotics could generate more products and services than humans are capable of consuming, creating what he described as a future of “extraordinary abundance,” according to Forbes.

Musk said people primarily seek money because it provides access to goods and services such as food, housing, transportation, entertainment, and other necessities. However, if AI and robots are able to produce more than individuals can use, he questioned the continued necessity of money as a central part of economic life.

The Tesla and SpaceX CEO described this possibility as one of the most optimistic outcomes of technological advancement.

At the same time, Musk warned that by 2036, humans could face challenges in maintaining control over AI systems if their intelligence surpasses human capabilities by a significant margin.

He compared the potential gap between human and artificial intelligence to the difference between human intelligence and that of chimpanzees. Musk argued that just as chimpanzees cannot control humans, humans may struggle to control AI systems that become vastly more intelligent.

Musk also predicted that artificial intelligence could surpass collective human intelligence within the next five years. He suggested that, aside from activities requiring humans to simply be human, there may be very few tasks that AI would not eventually perform better than people.

However, Musk did not explain what type of currency or economic system might replace traditional money if its importance declines in the future.

Discussing the rapid development of AI, Musk said he prefers to view the technology’s progress from a philosophical perspective and focus on its potential benefits. He added that he does not see any realistic way to stop the advancement of AI and robotics, saying that even if there were a “stop button,” it might not necessarily be the right choice to press.

Meanwhile, OpenAI CEO Sam Altman, a former collaborator and now a competitor of Musk, has also recently said that humanity is entering an era in which AI systems are rapidly exceeding human capabilities. Altman has argued that the world is already moving toward a technological singularity, where artificial intelligence becomes more capable than humans in many areas.