The future of money could look very different sooner than many people expect. Billionaire entrepreneur Elon Musk has predicted that money may no longer play the central role it does today as artificial intelligence continues to reshape the global economy.
Speaking during an interview with The Economist, Musk made the bold prediction that money could become irrelevant by 2036, arguing that rapid advances in AI and robotics would eventually make goods and services available in abundance.
During the interview, Musk explained that money exists mainly because people need it to access essential goods and services.
When asked to explain his prediction, he said:
“Money won’t matter in 2036.”
The interviewer, Zanny Minton Beddoes, questioned how such a future would work. However, Musk responded by focusing on the purpose of money in modern society.
He said:
“What do you want money for? You want money for goods and services, right? You want money for obviously food, housing, transport, entertainment.”
According to Musk, those needs could eventually be met by advanced AI systems and robots capable of producing far more than people could consume.
He added:
“If the robots and AI are providing more goods and services than any human could possibly consume, what do you need money for in that case?”
The billionaire believes technology could reach a stage where scarcity becomes less of a problem. Consequently, the traditional role of money in daily life could become less important.
Meanwhile, concerns remain over the possible impact of artificial intelligence on employment.
He said:
“I think the Treasury should just simply issue people cheques.”
However, the interviewer pointed out that increasing the money supply could trigger inflation.
Musk disagreed with that view and argued that future economic conditions would be very different from today’s reality.
He explained:
“Inflation is simply the ratio of money to goods and services.”
Furthermore, he predicted that increasing production through AI would create the opposite economic challenge.
Musk said:
“I make a prediction, which is that deflation will be the issue, not inflation.”
Nevertheless, Musk acknowledged that reaching such a future would not be without challenges.
When asked how society would manage the political and economic changes caused by artificial intelligence, he admitted that his own feelings remain mixed.
Describing the rapid growth of AI, Musk said:
“It’s exhilarating and terrifying.”
He further added:
“Honestly, if you ask me on any given day, in fact, even intraday, I’ve gone from exhilaration to terror regarding AI.”
Although experts remain divided over whether such predictions will become reality, discussions about AI’s impact on jobs, economic systems, and global markets continue to gain momentum.
