Elon Musk Tips Use of Bitcoin On Mars, Highlights Possible Challenges
Tesla CEO Elon Musk says there’s a possibility cryptocurrencies could be utilized on Mars as he answers questions about what he would use on the planet.
Speaking in an X (formerly Twitter) space , “Ark 21Shares Bitcoin ETF (ARKB) Approved” on Jan 11, Musk threw more light on his plans outside Earth particularly his drive to push the human race to an inter-planetary species and the possible challenges that could arise.
Elon answers what money he would use on Mars: pic.twitter.com/VJQeIM0qqJ
— Sam Callahan (@samcallah) January 11, 2024
During the interaction, a user asked him what money he would use on Mars if everything goes as planned since at the moment, no form of fiscal model has been proffered out of space.
Musk noted that digital assets can be used to some degree in Mars but Bitcoin might not work at first because the reconciliation is too long taking a significant time to settle transactions based 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.”
Afterwards, the Tesla and SpaceX boss watered down the initial disapproval adding that the Earth is about eight light minutes from the sun while Mars is about 12 and although the distance may still be an issue, there is a possibility.
“ Perhaps you can use Bitcoin to some degree, but it would be difficult to use it a lot on Mars. Mars can be like 20 light minutes away, so it is not easy there would have to be a localized things on Mars.”
Similarly, another user commented on the efficiency of the localized lightning capacity on Mars while staying the mining would not be possible like it is here.
Musk also confirmed that certain stakeholders in the crypto
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