Elon Musk claims money won’t matter in 10yrs, Utopia or Techno-Feudalism?

The World’s first trillionaire, Elon Musk recently told The Economist that “Money won’t matter in 2036.” This caused widespread commotion all over the world. 

Although Musk calls himself a modern-day Cassandra, who is seldom wrong about the future yet doomed to be disbelieved, speculations by the world’s richest man must not be taken lightly. 

Will money really not matter in 2036? It is a question that has sparked tension around the globe, though we must wait a decade to discover the truth.  

The Economist editor-in-chief interviewed Elon Musk in his own Tesla factory in Texas. The interview lasted for 90 minutes in which Musk predicted that money would not matter within 10 years as the world will transition to having ‘incredible abundance.’

As reported by Forbes, Musk asked, “What do you want money for?” Following this he predicted that a massive proliferation of robots will render money effectively worthless as people have their needs effortlessly met.

According to Musk, money is only needed for goods and services. Money is needed for food, housing, transport, entertainment, and other daily necessities. However, if there is abundance of such needs, which will be provided by AI and robots, money will evidently lose its significance.

If we acknowledge Musk’s prediction of a currency-less society, what could be the possible scenario? Examining the scenario reveals concerning implications.

As per Musk said, the current world will rapidly adapt to currency-less stature where money would be deemed as useless. However, there is a fine line between money and wealth.

Wealth would always remain relevant in economy. Gold, Silver and other numerous materials are not abundant. These materials will always be on demand due to the semi-conductor industry. 

Furthermore, a currency-less world means, everybody is documented in a central database where they are paid ‘credits’ for their service. This phenomenon comes with its own problems. 

Central database refers to a total control of the techno-feudalists where citizens are under threat of becoming digital serfs under the oversight of corporate tech-lords. As everything would dissolve into a single command, anyone may be deprived of essential services if deemed misfit by the central authority. 

Which means, in a world where cash is irrelevant, a possibility of becoming a ‘digital-slave’ from birth till death is not unlikely. 

Goods and services may be provided via AI or robots. Nevertheless, will we have authority over them? Or will they hide behind a pay-wall, where they would only work for us if certain amount of ‘credit’ is paid?

Although the above speculation is not definite, it is one of the possibilities that money-less world may offer. Will it be the only possibility? Only time can tell.