In a surprising twist, Elon Musk, CEO of Tesla and founder of SpaceX, may be reconsidering the possibility of using bitcoin as a currency on Mars. Though initially resilient due to slow transaction reconciliation, Musk expressed his thoughts in a virtual space with ARK Invest CEO Cathie Wood.

“It may be possible to use bitcoin to some extent, but it would be difficult to use it much on Mars,” Musk said, suggesting the need for a network located on the red planet. The idea of a local Lightning Network, proposed by Bitcoin developer Matt Corallo, could be the key to overcoming transaction speed hurdles.

In his vision of building a colony on Mars by 2050, Musk stressed the importance of evolving into a multi-planetary species. Although facing logistical challenges, Musk considers the use of Bitcoin on Mars feasible with the innovative solutions proposed.

“12-22 minutes of light is not a problem with 10-minute blocks,” said Adam Back, CEO of Blockstream, showing optimism about the idea. In addition, data from Glassnode revealed that Bitcoin’s Lightning Network is significantly cheaper than traditional payment methods.

Elon Musk has left open the possibility of incorporating cryptocurrencies into X, planning to turn it into an “app for everything.” Although in August 2023 he refused to launch a cryptocurrency on the platform, there is speculation about the implementation of cryptocurrency payment options in the future.

With technological advances and the evolution of the cryptocurrency industry, the use of Bitcoin on Mars could become a reality, marking a milestone in space exploration led by SpaceX and Elon Musk.

K. Tovar

Source: Cointelegraph

(Reference image source: X, @BitcoinNewsCom)

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