Elon Musk predicts money will "stop being relevant" in the future

00:00With Tesla, we wanted to make electric cars compelling and affordable. That was the goal. Um The uh you know, with respect to humanoid robotics, there are no useful humanoid robotic robots at this point. Um there are sort of gimmicks, but there are not there are no actually useful humanoid robots. Um and I think Tesla's going to make the first actually useful humanoid robots. Um and this will be quite a revolution and I think something that will that everyone will want. Uh because I was thinking like who who wouldn't want their own personal C-3PO R2-D2? Oh, yeah. Of course. Everyone would want one. Right? And and then there would be many in industry uh providing products and services. This is why I say that humanoid robots will

00:46be the biggest industry or the biggest product ever. Um bigger than cell phones or anything else because everyone's going to want one. And uh or maybe more than more than one and there'll be many in industry. Um I just want R2-D2 in C-3PO's body. Yeah. Very good. >> Um well, to I mean a humanoid robot would be better than R2-D2 and C-3PO combined. Yeah. Times 10. Yeah. So, the it And and you know, people often talk about uh sort of eliminating poverty and that kind of thing, but really the the how long have they been talking about that? Um there's lots of talk uh you know, there's lots of NGOs sort of trying to do these things, but but really not succeeding. Um and and you know, the evidence speaks for

01:34itself. Uh but but but AI and humanoid robots will actually eliminate poverty. And Tesla won't be the only one that makes them. I think Tesla will pioneer this, but there will be be many other companies that make humanoid robots. But there there is only basically one way to uh make everyone wealthy and that is AI and robotics. If you say like in the long term, where will things end up? Long term, I don't know what long term is. Maybe it's 10, 20 years, something like that. For me, that's long term. Um my prediction is that work will be optional. Optional? Optional. Um so We'll take that. Yeah. I mean, it it'll be like uh playing sports or video game or something like that. Um if you want to work, uh you know, in the

02:21same way like you can you can go to the store and just buy some vegetables or you could grow vegetables in your backyard. It's much harder to grow vegetables in your backyard, but some people still do it because they like growing growing vegetables. Um that will be what work is like, optional. Um and between now and then there's actually a lot of work to get to that point. >> Mhm. Um I always recommend people read read Iain Banks uh Culture books to get a sense for what a a probable positive AI future is like. Um And interestingly, in those books, money is no longer doesn't exist. It's kind of interesting. And I I my guess is and and if you go out long enough, assuming there's a continued improvement

03:09in AI and robotics, which this seems likely, the money will will will stop being relevant at some point in the future. Um now there will still be constraints on power like in it like electricity and mass. Uh the fundamental physics elements will still be like still be constraints. Um but um I think at some point uh currency becomes irrelevant.