“It would be prudent to implement some form of cryptocurrency on Mars. However, Bitcoin’s transaction verification process is too time-consuming,” Elon Musk revealed during a live online broadcast on the social media platform X (formerly Twitter).
Musk further elaborated that utilizing cryptocurrency on a neighboring planet, such as Mars, is viable considering the relatively short distance of 12 light-minutes between Earth and Mars, in comparison to the eight light-minutes between Earth and the Sun.
“It won’t be easy, though. Mars would require a localized cryptocurrency ecosystem. While Bitcoin may have some functionality on the planet, it would be challenging to use it extensively,” reasoned the billionaire crypto enthusiast.
During the broadcast, Musk concurred with Bitcoin developer Matt Corallo’s proposition that the slow transaction speed of BTC could be resolved through the implementation of a localized Lightning Network.
Musk, famously known for launching a red Tesla into space, envisions establishing a self-sustaining colony on Mars by 2050. According to the businessman, the human species must adapt and evolve in order to survive on the red planet.
SpaceX recently obtained approval to launch the DOGE-1 lunar satellite, which will have a screen on its outer surface to display advertisements, images, and logos. This screen will transmit visual content back to Earth, making DOGE-1 the first lunar satellite with its entire cost, including the launch, paid in cryptocurrency, specifically DOGE tokens.
More recently, Musk revealed that he had dedicated a significant amount of time contemplating the nature of money but had now decided to shift his focus away from cryptocurrency.