Elon Musk’s Cosmic Crypto Contemplations: Bitcoin on Mars? 

Elon Musk, the visionary entrepreneur, initially dismisses the notion of using Bitcoin on Mars due to transaction settlement challenges. However, he later ponders the feasibility of adopting Bitcoin in interplanetary transactions, acknowledging potential hurdles.

In a Space on X discussion titled “ARK 21Shares Bitcoin ETF (ARKB) Approved,” Musk explores the idea with ARK Invest CEO Cathie Wood. Musk, with his ongoing vision of establishing a Mars colony by 2050, believes that embracing digital currencies is crucial for humanity’s evolution into a multiplanet species.

After contemplating the time delay between Earth and Mars, Musk suggests the possibility of using Bitcoin to some extent on Mars. However, he highlights the challenge of significant usage, proposing the potential need for a localized network on the red planet.

Agreeing with Bitcoin core developer Matt Corallo, Musk sees a solution in a localized Lightning Network to address Bitcoin’s slow transaction speed. Blockstream CEO Adam Back expresses optimism, stating that the 12-22 light-minute delay is manageable with Bitcoin’s current 10-minute block intervals.

Recent data from Glassnode indicates the cost-effectiveness of the Bitcoin Lightning Network, making it significantly cheaper than traditional payment processors like Mastercard or Visa.

While Musk has resisted launching a crypto token on X, there is ongoing speculation about the platform’s potential to accommodate cryptocurrencies in its payment feature, as Musk transforms X into an “everything app.” The crypto community eagerly awaits Musk’s next move in this dynamic space exploration of digital currencies.