The world is set to change beyond recognition in the coming decades. At least, that’s the view of Tesla and SpaceX CEO Elon Musk. He believes that traditional money and the labor market will disappear within the next twenty years, replaced by the rising forces of AI, robots, and Bitcoin.
Imagine a future where work is optional and physical cash is a thing of the past. This is the scenario Elon Musk outlined in a conversation with Indian entrepreneur and investor Nikhil Kamath. “Energy is the real currency,” the world’s richest man stated.
AI, Robots, and Bitcoin Take Over the World #
The conversation, part of Kamath’s podcast, covered work, family, money, AI, and the future. Musk envisions AI and robots progressively taking over human jobs—first the tedious tasks, then the more strenuous ones. Eventually, these technologies could become so productive and efficient that they fulfill all of humanity’s needs. Musk:
“If AI and robots are advanced enough to satisfy all human needs, the relevance of money will decrease dramatically.”
In this future, traditional money will play no role at all, the billionaire predicts. There will simply be no need for dollars, euros, or other currencies for labor and production. The new stars on the world stage will be energy and Bitcoin, as they cannot be printed at will. ‘Energy is the real currency,’ Musk added. Bitcoin fits perfectly into this model because new coins cannot be created arbitrarily. It requires real electricity and expensive equipment to power and secure the network.
Musk: ‘Poverty Will Disappear Thanks to Robots’ #
This isn’t the first time the wealthy American has made such predictions. At the Saudi Investment Forum on November 19, he stated that poverty will eventually disappear thanks to robots and AI. “Robots will make everyone rich,” Musk claimed.
If everyone can effortlessly get what they need, money is no longer necessary to distribute labor and goods. It will naturally lose its meaning.
Musk does add a caveat, however. This scenario is only possible if technology continues to make significant strides. Until then, we’ll continue to pay with euros and dollars, and Bitcoin will remain an alternative. For some, crypto is an investment, while others choose to HODL, hoping to become as wealthy as Musk in the future. You can watch the full conversation between Musk and Nikhil Kamath here: