The richest man in the world believes that money will soon be gone

Elon Musk, the world’s richest person, has expressed his belief that money will soon lose its significance. According to reports from Maribor24, Musk claims that artificial intelligence and robots will drastically change the economy in the near future, leading to a point where money might no longer hold the value it currently does. In an interview with the magazine Fortune, Musk outlined his vision for the future. He believes that robots could take over much of the work currently performed by humans. These machines would be capable of producing goods and services in large quantities, potentially making human labor unnecessary in many areas. Musk argues that this shift would improve people's lives because AI and robotics could operate without limitations, providing abundance in goods and services. In his view, human work would become less necessary, and eventually, it might even turn into a voluntary activity. Musk also emphasized that when discussing his wealth, he refers to ownership of companies rather than cash held in bank accounts. This distinction highlights his perspective on the nature of wealth in an increasingly automated world. He suggests that traditional financial assets may not be as relevant as control over technological infrastructure and innovation. Furthermore, Musk predicts that automation will significantly improve over the next decade. The magazine Fortune reports that he has made bold forecasts, including one for the year 2036. He explains that people desire money for basic necessities such as food, housing, transportation, and entertainment. However, if robots can provide these goods and services more abundantly than humans can consume them, money will gradually lose its importance. Despite Musk’s assertion that money may become obsolete due to the abundance generated by AI and robotics, there are still challenges that technology alone cannot resolve. For instance, limited resources such as energy, land, and natural materials remain scarce. Certain professions may also resist replacement by machines. Therefore, while technology can reduce scarcity and increase availability, money is likely to persist as a tool for managing these constraints. Money remains essential because it enables the allocation of rare resources and maintains purchasing power in uncertain times. Ownership of businesses, robots, data centers, and other infrastructures will still require decisions about who can access their capabilities. Thus, although AI may diminish the role of work and enhance abundance, money is unlikely to disappear entirely. Its function may evolve, but it will continue to serve as a means of coordinating scarce resources, ownership, and uncertainty.