Musk: "In the AI Era, Energy Will Serve as Currency... The Concept of Money Will Disappear"
"AI and Robots Will Cause Deflation, Solve US Debt Crisis"
Elon Musk, Chief Executive Officer (CEO) of Tesla, predicted that in the era of artificial intelligence (AI), energy will serve as a currency and that AI and robotics technologies will significantly disrupt the existing economic structure.
According to a video posted on Indian entrepreneur Nikhil Kamath’s YouTube channel on December 2 (local time), CEO Musk said in a recent interview, “In the long term, the concept of money will disappear,” adding, “If AI and robotics technology advance to the point where they can fulfill all human desires, the importance of money will sharply diminish.” He explained, “Fundamental currencies based on physics will still exist. However, energy is the real currency. That’s why I have said that Bitcoin is based on energy, and energy cannot be regulated by law.”
CEO Musk stated, “It is very difficult to generate energy,” and continued, “So perhaps we will not have money but only energy, and power generation will essentially become the currency.” He also said, “As long as civilization continues to progress, we will have large-scale AI and robots, and that will be the only way to resolve the U.S. debt crisis.” He further explained, “If you ask how long it will take to reach that stage, I think that within three years, the production of goods and services could exceed the growth rate of the money supply-that is, the rate of inflation-leading to deflation, and once interest rates fall to zero, the debt problem will become smaller than it is now.”
When asked, “What would you buy for capitalist purposes based on today’s standards of value?” CEO Musk replied, “I don’t buy stocks or look for things to invest in. I just try to make or build something, and the stocks of the companies I create follow.” He added, “As AI and robotics become extremely important, I think Google will be quite valuable in the future. They have laid the foundation for tremendous value creation. Nvidia is obviously in that position at this point as well.”
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Regarding the issue of AI regulation, CEO Musk said, “When creating powerful technology, there is a risk that it could potentially be destructive,” and emphasized, “Truth, beauty, and curiosity-these three are the most important elements for AI.” He added, “If AI adopts these as its values, it will want to see humanity continue to exist, because it is far more interesting for humanity to exist than not to exist.”
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