Will it come true? Elon Musk predicts AI, robots could make money obsolete, talks multiplanetary economy: What is it?

Musk has predicted that advances in AI, robotics and space travel could make conventional money irrelevant in a future multiplanetary economy. He also expects his fortune to shrink substantially over generations as technology transforms the way people work and resources are valued.

Elon Musk has predicted that money could eventually become irrelevant as advances in artificial intelligence (AI), robotics and space exploration transform the global economy and enable humanity to become multiplanetary.

The world's richest person said that in such a future, conventional currency may no longer matter, with economic value instead measured in terms of physical resources, mass and energy.

The Tesla and SpaceX chief shared his vision of a future beyond conventional money, alongside his views on wealth and inheritance, in a conversation with his biographer Walter Isaacson on The Builders podcast. The interview was recorded in early August and released on Tuesday.

A multiplanetary economy refers to an economic system that extends beyond Earth, potentially involving human settlements, industries and the use of resources across multiple planets.

Musk's vision links this possibility to advances in robotics, AI and space travel. He believes these technologies could significantly expand productive capacity and change how people obtain goods and services.

In such a future, Musk expects conventional currency to lose its importance. He said, "money becomes irrelevant" and "conventional currency will not matter."

He suggested that value would instead be measured in mass and power or energy. "So that's my guess," he said, adding that the outcome seemed "pretty obvious" to him.

The prediction is part of Musk's broader view that technological advances could create an era of abundance, in which access to goods and services is no longer constrained in the same way it is today.

Anjali Thakur