A billionaire entrepreneur Elon Musk has predicted that money could become largely irrelevant by 2036, arguing that rapid advances in artificial intelligence and robotics will create an era of unprecedented abundance where goods and services are available in quantities far beyond human demand.

Musk made the remarks during an interview with The Economist, where he outlined his vision of an AI-driven future.

According to him, the primary purpose of money is to provide access to essential goods and services such as food, housing, transportation, and entertainment. However, he believes that once AI-powered systems and robots can produce these necessities in virtually unlimited quantities, the traditional role of money could disappear.

"Money won't matter in 2036," Musk said.

Explaining his prediction, Musk argued that if AI and robots are capable of delivering more goods and services than people could ever consume, there would be little need for money as a medium of exchange.

Addressing concerns that widespread automation could eliminate millions of jobs, Musk suggested that governments may need to provide direct financial support to citizens.

"I think the Treasury should just simply issue people cheques," he said.

When asked whether such a policy could trigger inflation, Musk dismissed the concern, saying the economic dynamics of an AI-powered world would be fundamentally different.

He maintained that inflation is determined by the relationship between the money supply and the availability of goods and services. According to him, if AI dramatically increases production, the world could face deflation rather than inflation.

"I'll make a prediction, which is that deflation will be the issue, not inflation," Musk stated.

Despite his optimism about AI's economic potential, Musk acknowledged that the technology also poses significant risks. He described his feelings about artificial intelligence as both exciting and deeply concerning.

"It's exhilarating and terrifying," he said, adding that his views on AI often shift "from exhilaration to terror" even within the same day.

Musk has repeatedly warned about the potential dangers of advanced AI while also investing heavily in the technology, making him one of its most influential advocates and critics. His latest prediction adds to the growing global debate over how artificial intelligence could reshape employment, wealth, and the future of the global economy.