Skip to main content

Elon Musk Endorses Cryptocurrency for Martian Economy

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.”

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

The post Elon Musk Endorses Cryptocurrency for Martian Economy appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/38S24U6
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more