Elon Musk predicts that advances in robotics and space travel will create a multi-planetary economy, making money no longer important.

"Traditional currencies will still exist, but they will no longer be important. Value will be measured by mass and capacity or energy," Musk commented in The Builders podcast broadcast on October 20. "That's my prediction, but the result is quite obvious."

Elon Musk, the richest person on the planet with a fortune of 920 billion USD according to Bloomberg rankings, believes that robots and AI will solve almost all human jobs. "If you had robots, could go to space and build a mass propulsion device on the Moon, I think you could achieve an economy a million times larger than on Earth," he said.

The American billionaire affirmed that "there will be nothing that humans can do that artificial intelligence and robots cannot do better, and people will probably look to hobbies such as growing their own vegetables or making art to find a purpose in life."

This is not the first time Musk has shared his vision of a post-money future and his views on personal wealth. According to Business Insider, earlier this year, the American billionaire recommended that people stop saving for retirement in the next 10-20 years, because AI and other technologies will "boost productivity and open an era of prosperity", and people can "do whatever they want".

In June, he continued to repeat his views. According to Fortune, in a conversation with Peter Diamandis, President of the XPrize Foundation, Musk said AI and robots will produce so many goods and provide so many services that there will be excess, exceeding the money supply, leading to deflation. With cheap automated labor and a stagnant money supply due to work being done by robots instead of humans, money will no longer be needed.

"I think at some point in the future, money will no longer be important," Musk said.

Elon Musk also spent time talking about his nearly 1,000 billion USD fortune. He said the majority of the money "reflects ownership" of SpaceX and Tesla, as he needs to hold large stakes in both to maintain voting rights and continue operating.

"Assets are taxed quite heavily," he said. "There is no magic way to avoid paying taxes. If there was, I would have known it."

The American billionaire also shared his plans for using his money after his death: "Continuing the goals. Turning life into multi-planetary systems, expanding awareness to the stars, improving sustainable energy on Earth."

Earlier this week, Musk said he would give one SpaceX stock to every American child next year. According to Business Insider, based on the number of children and the value of SpaceX shares, he can spend about 11 billion USD for his intentions. US President Donald Trump later praised, calling this "incredible generosity" and considering Musk a "legendary friend".

Bao Lam summary

• Musk says he will give SpaceX shares to 'every American child'
• Musk criticized memory chip companies for 'price gouging', but praised Micron