Tech billionaire Elon Musk recently spoke at an X Spaces discussion with ARK Invest CEO Cathie Wood. During the discussion, Elon Musk said using Bitcoin (BTC) on Mars is possible, but transaction speeds could pose a challenge.
Musk was initially hesitant to accept the use of BTC on the red planet. He stated, “It would make sense to use some kind of cryptocurrency on Mars. You couldn’t use Bitcoin because the reconciliation is too long.“
Also Read: Bitcoin (BTC) To Rally 1000% and Hit $532,000: Predicts Analyst
The SpaceX chief plans to build a colony on Mars by the year 2050. Musk believes that humans must evolve into a multi-planet species to survive.
However, despite the initial hesitance, Elon Musk concluded that it might be possible to use Bitcoin on Mars. Nonetheless, he admitted that there would still be challenges. He stated, “Perhaps you can use Bitcoin to some degree, but it would be difficult to use it a lot on Mars.“
Later, BTC core developer Matt Corallo suggested that a localized Lightning Network could counter the slow transaction problem, to which Musk agreed.
Will Bitcoin (BTC) reach an all-time high in 2024?
BTC is the biggest cryptocurrency and also the oldest. Moreover, it is one of the best-performing assets in the last decade, outperforming stocks and other commodities. Yesterday, the SEC (Securities and Exchange Commission) approved a spot BTC ETF (Exchange Traded Fund), which may lead to a surge in institutional funding for the asset.
Also Read: Spot Bitcoin ETF Could Push BTC Price to $200k: Standard Chartered.
Many analysts and financial institutions anticipate BTC’s price to surge later this year. According to Standard Chartered, the spot BTC ETF could push the asset’s price to $200,000 by the end of 2025. Renowned crypto trader and analyst PlanB predicts Bitcoin (BTC) could surge to $532 by the end of 2025.