Elon Musk Endorses Cryptocurrency for Martian Economy – Featured Bitcoin News


Elon Musk Endorses Cryptocurrency for Martian Economy

Spacex and Tesla CEO Elon Musk, widely believed to be the man taking humanity to Mars and building a permanent settlement there, tweeted his approval of the idea that Mars’ economy will run on cryptocurrency.

Elon Musk Envisions Mars’ Economy Run on Cryptocurrency

Elon Musk believes that Mars’ economy will be run on cryptocurrency. He said early this month that he is “highly confident” that his company Spacex will land humans on Mars “about six years from now.” He further noted that it could even come as early as 2024 “if we get lucky.” Musk previously said that his aim is to set up a “self-sustaining city on Mars as soon as possible.”

The subject of cryptocurrency running Mars’ economy briefly came up on Twitter last week. AI researcher Lex Fridman tweeted, “Mars economy will run on crypto.” In response, Twitter handle Elon’s World suggested, “Marscoin.” Musk himself replied with just a “Yes.”

Elon Musk Endorses Cryptocurrency for Martian Economy

It is not clear if Musk was referring to the cryptocurrency called “marscoin” that was launched in 2014 or if he was just talking about a future project with the same name. The existing project was launched for the purpose of becoming a Martian currency, according to its project page. Its code was a fork of Litecoin, and it originally traded on Nova Exchange. However, after peaking during the 2017 initial coin offering (ICO) bubble, its price dropped sharply and the coin was delisted from Nova soon afterward. Furthermore, Nova Exchange officially closed for business on Jan. 28.

Musk has also recently been talking about two other substantially more popular cryptocurrencies: bitcoin and dogecoin. Last week, he pondered the idea of his company Tesla putting billions of dollars into BTC, as suggested by the CEO of Nasdaq-listed Microstrategy which now has about 70,470 BTC in its treasury. Musk asked, “Are such large transactions even possible?” He also tweeted about dogecoin a number of times over the years. Until very recently, his Twitter profile displayed: “Former CEO of Dogecoin.”

Spacex said in October that it will not be recognizing any international law on Mars. Its Starlink internet project’s terms of service state: “For services provided on Mars, or in transit to Mars via Starship or other colonization spacecraft, the parties recognize Mars as a free planet and that no Earth-based government has authority or sovereignty over Martian activities. Accordingly, disputes will be settled through self-governing principles, established in good faith, at the time of Martian settlement.”

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Which cryptocurrency do you think Mars’ economy will be run on? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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