Musk: “The inhabitants on Mars will use cryptocurrency”

Again, Elon Musk repeated that we will soon invade Mars, but it will be a free nation with a crypto-currency-based economy.

SpaceX CEO Elon Musk claims that cryptocurrencies, such as the already well-known Bitcoin, are likely to be focused on some possible form of money on Mars.

The billionaire, one of the co-founders of one of the online payment pioneers (PayPal), is planning to launch the first human mission to Mars by 2024. The ultimate objective is to build, as soon as possible, a ” self-sufficient city on Mars as soon as possible”

Musk agreed that “the economy on Mars will work with cryptocurrency,” referring to a Twitter thread started by artificial intelligence researcher Lex Fridman, implying that they might make their debut on another planet dogecoin or Marscoin.

The Marscoin project dates back to 2014 and, after the cryptocurrency price boom in late 2017, saw a brief boost in funding. Since then, it has drifted. Altcoin reportedly has a market cap of less than $ 100,000, according to CoinMarketCap. As it continues to be relatively common and shares much of the same decentralized characteristics as bitcoin, Dogecoin may be a more likely candidate.

Elon Musk confirms that Mars’ economy will be focused on cryptocurrencies.

Dogecoin’s price rose more than a third last week after Musk changed his Twitter bio to “Former Dogecoin CEO” and tweeted: “One word: Doge.” The founder of SpaceX has also spoken about his dream to go to Mars. He directed workers to step up production of the next-generation Starship rocket earlier this year.

A 12.5 km flight test of a concept spacecraft was performed earlier this month with the goal of constructing a fleet of 1,000 units, each capable of holding up to 100 individuals. There are various controversies, however, regarding the purpose of establishing “principles of self-government” tailored to Mars.

Any potential settlement on the Red Planet “would recognize Mars as a free planet ” under the Terms of Operation of SpaceX’s Internet Starlink project, adding that “no Earth-based government has authority or sovereignty over Martian activities.” The terms state: “Disputes will be resolved through principles of self-governance, established in good faith, at the time of resolution.”

What these values may be is not clear yet. While Musk had earlier indicated that his choice for a Martian government would be democracy-based. In a 2016 interview, “People would vote directly on the issues,” he said. “The potential for corruption is substantially lower in a direct democracy than in a representative one.”