BasEx | Elon Musk Suggests Bitcoin Use on Mars
Elon Musk Suggests Using Bitcoin on Mars
14.01.2023
Elon Musk Suggests Using Bitcoin on Mars

Billionaire Elon Musk speculated that cryptocurrencies, including bitcoin, could be used as a unit of currency on Mars. He made this statement at the ARK Invest conference dedicated to discussing a bitcoin spot ETF.

Musk initially expressed skepticism about the feasibility of using bitcoin due to the long transaction confirmation time. However, during the discussion, he acknowledged that the use of bitcoin on Mars is theoretically possible, though hampered by the great distance to the planet.

The businessman noted: "It's difficult to use bitcoin in large amounts on Mars due to the distance of 20 light minutes from the Sun, which complicates such operations."

Elon Musk also agreed with Matt Corallo from Bitcoin Core that the issue of slow transactions could be solved using a localized bitcoin micro-payment network, the Lightning Network.

He added that there are ongoing discussions in the crypto industry about delivering cryptocurrencies to Mars, but several technological hurdles need to be overcome first.

Adam Back, CEO of Blockstream, believes that the distance to Mars is not the most significant obstacle and that bitcoin's current bandwidth is suitable for use on the Red Planet.

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