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Sunday April 14, 2024

Elon Musk plans use of Bitcoin on Mars — but is it really possible?

Elon Musk has planned to advance humanity as interplanetary species speaking of his aims for Mars

By Web Desk
January 11, 2024
SpaceX Chief Engineer Elon Musk speaks in front of the Crew Dragon cleanroom at SpaceX Headquarters in Hawthorne, California on October 10, 2019. — SpaceX/YichuanCao
SpaceX Chief Engineer Elon Musk speaks in front of the Crew Dragon cleanroom at SpaceX Headquarters in Hawthorne, California on October 10, 2019. — SpaceX/YichuanCao

In response to inquiries about what he would use on Mars, Tesla CEO Elon Musk suggests that there's a chance that cryptocurrencies may be used there.

Speaking on January 11, Musk provided additional details about his goals beyond Earth, namely his desire to advance humanity as an interplanetary species and the potential obstacles that may develop, in the "Ark 21Shares Bitcoin ETF (ARKB) Approved" space on X (previously Twitter) according to Crypto news.

Since no fiscal model has yet been supplied from space, a user questioned him during the encounter how much money, if all goes according to plan, he would use on Mars.

Although digital assets can be utilised on Mars to some extent, according to Musk, Bitcoin may not initially function due to its lengthy reconciliation process, which takes a long time to settle transactions dependent on distance.

“It would make sense to use some kind of cryptocurrency on Mars; you couldn’t use Bitcoin because the reconciliation is too long.”

Later, the CEO of Tesla and SpaceX softened the initial criticism by pointing out that Mars is roughly twelve light minutes from the sun, whereas Earth is about eight, and while this difference may still be a problem, it is a possibility.