Elon Musk: Envisions Bitcoin as ‘True Currency’

Elon Musk has recently expressed his views on Bitcoin, describing it as a "fundamental physics-based currency" during a podcast. He believes that energy is the essence of currency and predicts a future where conventional money may become obsolete.

Key Takeaways

Elon Musk calls Bitcoin a "fundamental physics-based currency."
He emphasizes that energy is the real foundation of currency.
Musk anticipates the disappearance of money as a concept in the future.
He suggests that advancements in AI and robotics could meet all human needs, eliminating the need for traditional money.
Musk references Iain M. Banks’ science fiction novels to describe a post-scarcity future where money is no longer necessary.

'True Currency': Elon Musk Makes Major Bitcoin Statement

Understanding Musk's Views on Bitcoin

During a recent podcast appearance, Elon Musk, the wealthiest person in the world, broke his silence on Bitcoin, labeling it as a "fundamental physics-based currency." He asserted, "Energy is the true currency. This is why I said Bitcoin is based on energy. You can't legislate energy. You can't just, you know... pass a law and suddenly have a lot of energy."

Musk elaborated on the challenges related to energy generation, stating that harnessing energy effectively is quite difficult. He proposed using the Kardashev scale, which classifies civilizations based on their energy utilization, as a framework for understanding civilizational advancement in terms of energy mastery.

A Future Without Money?

Musk foresees a future where the concept of money may fade away. He believes that in a world where anyone can access what they want, traditional currency will no longer be necessary as a method for labor distribution. “But, in a future, where anyone can have anything, I think that you no longer need money as a database for labor allocation,” he explained.

He suggests that the developments in artificial intelligence (AI) and robotics could be sufficiently advanced to meet all human requirements, effectively making money redundant. Musk noted that he draws inspiration from the Culture series by Iain M. Banks, a collection of science-fiction novels that narrate a fully developed post-scarcity civilization. In this universe, there is no currency, no scarcity, and work becomes optional; super-intelligent AIs, referred to as "Minds," manage the majority of systems.

“In this sort of far future of the Culture books, ... they don't have money, either. And everyone can pretty much have whatever they want," Musk shared, highlighting his intriguing vision for the future.

Elon Musk's commentary on Bitcoin illustrates his perspective on the evolution of currency, the significance of energy, and a potential future shaped by advanced technology.