Elon Musk, CEO of SpaceX and Tesla, is showing signs of being receptive to the concept of using Bitcoin on Mars.
After first dismissing the idea on the grounds that Bitcoin transactions take too long to settle, Elon Musk gave it some thought during some verbal brainstorming and came to the conclusion that, given Mars’s closeness to Earth in light minutes, it would be possible to conduct Bitcoin transactions on Mars. On the other hand, he did mention the possibility of future difficulties and the need for a Mars-specific network.
Musk admitted that Bitcoin transactions are slow, but he suggested a localized Lightning Network as a solution. Bitcoin transactions now need six confirmations and take up to an hour to confirm because of the 10-minute block-building process. Even in the absence of a Lightning Network, Blockstream CEO Adam Back wholeheartedly endorsed the notion of accepting Bitcoin on Mars, arguing that it can be handled with 10-minute blocks.
Glassnode statistics from April 2023 demonstrated how efficient the Bitcoin Lightning Network is in terms of cost. With transaction fees of about 0.0029%, the network is almost 1,000 times less expensive than Visa or Mastercard processors.
Many are wondering whether Musk would include cryptocurrency in his X platform. If the chance presents itself, X’s payments function might enable cryptocurrency, according to reports from January 2023.
But Musk changed his mind in August 2023 and said he wouldn’t release a cryptocurrency token on the X platform.
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