Elon Musk stated, "In a future where anyone can have anything, I think you no longer need currency as a database for labor distribution."
Written by: Micah Zimmerman
Translated by: AididiaoJP, Foresight News
Tesla and SpaceX CEO Elon Musk has once again sparked discussions about Bitcoin, describing it as an energy-based, "physics-based fundamental currency."
In a recent podcast conversation with Nikil Kamas, Musk emphasized that the value of Bitcoin is closely tied to real-world energy consumption, highlighting the differences between digital assets and traditional fiat currencies.
"Energy is the real currency," Musk said. "That's why I say Bitcoin is energy-based. Energy cannot be legislated into existence. You can't just pass a law and suddenly have a lot of energy."
The Tesla founder pointed out the difficulty of producing and utilizing energy, linking it to Bitcoin's "proof of work" system, which requires significant computational power and electricity to maintain network security.
He also mentioned the Kardashev Scale, a method of measuring a civilization's energy consumption level, as a perspective for understanding social progress. He believes that assessing a civilization's ability to generate and manage energy aligns with Bitcoin's design principles, where value is supported by scarcity and computational input.
Looking further into the future, Musk suggested that advancements in artificial intelligence and robotics might render currency unnecessary.
"In a future where anyone can have anything, I think you no longer need currency as a database for labor distribution," he said, referencing Ian M. Banks' "Culture" series, which depicts a post-scarcity society where superintelligent machines can manage resources without a currency system.
Musk: You can't "print" energy
Musk also emphasized the unique properties of Bitcoin. Unlike fiat currencies that governments can print at will, Bitcoin's "proof of work" system ties its creation process to energy and computational power, giving it intrinsic scarcity and making it relatively independent of political influence.
"Governments can print money, but they can't print energy," Musk said.
While Musk envisions a future where energy might become a more fundamental measure of value, he acknowledges that traditional currency still dominates the world today.
National currencies continue to dominate commerce, wages, and savings, while cryptocurrencies like Bitcoin currently exist mainly as alternative assets rather than substitutes for everyday transactions.
Musk's remarks serve as a reminder of the philosophical foundations behind Bitcoin, which are closely related to physics and energy, rather than relying on policy and government control.
Earlier today, Bitcoin's price plummeted 8% in early trading on Monday, falling to the mid-$84,000 range, continuing a two-month downward trend, with its value shrinking by over 30% since reaching an all-time high in October.
This drop occurred after Bitcoin's price briefly rebounded above $92,500 last week, following a dip to around $81,000 in November.
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