Musk Predicts Money's Irrelevance by 2036 Amid Crypto Market Turmoil

Elon Musk has predicted that money could become largely irrelevant by 2036 due to advancements in artificial intelligence and robotics, which he believes will create a world of extraordinary abundance. In an interview with The Economist editor-in-chief Zanny Minton Beddoes, Musk argued that people primarily need money to obtain goods and services such as food, housing, transport, and entertainment. However, he believes that AI and robots could eventually produce these goods and services at an unprecedented scale, reducing the importance of traditional money.

Musk's prediction comes at a time when the cryptocurrency market is under pressure, with Bitcoin falling below $65,000 in February. While some Bitcoin supporters may view Musk's comments as a vote of confidence in the cryptocurrency, others may see it as a warning sign for the long-term viability of traditional currencies.

The Tesla and SpaceX CEO has previously described energy as the true foundation of money, which could have implications for Bitcoin mining, which requires large amounts of computational power and electricity. Musk's comments fueled speculation that he sees Bitcoin as a stronger form of money than government-issued currencies, although he has not explicitly endorsed it as the future global currency.