Elon Musk and Cathie Wood Discuss Currency on Mars
In a recent Space on X (formerly Twitter) titled “ARK 21Shares Bitcoin ETF (ARKB) Approved,” Elon Musk, CEO of Tesla and SpaceX, engaged in a thought-provoking conversation with Cathie Wood, CEO of ARK Invest, about the use of money on Mars.
Impracticality of Using Bitcoin on Mars
The discussion began with Cathie Wood posing a question about the type of currency that would be practical for use on Mars. This inquiry set the stage for a deeper exploration of the subject.
Logistical Challenges on Mars
Musk initially expressed skepticism about the feasibility of using Bitcoin on Mars, citing the significant time it takes for transaction settlements. Musk further elaborated on the logistical challenges posed by the distance between Mars and the sun.
Bitcoin’s Potential Usage
Despite these challenges, Musk did not completely rule out the use of Bitcoin. Musk’s vision of building a colony on Mars and the urgency of choosing the right currency is a significant aspect.
Localized Lightning Network as a Solution
In the discussion, Bitcoin core developer Matt Corallo proposed that Bitcoin’s slow transaction speed could be addressed through a localized Lightning Network on Mars. The Lightning Network is a layer on top of Bitcoin’s blockchain designed to enable faster transactions.
Adam Back’s Optimism on Bitcoin’s Usage and Mining on Mars
Adam Back, CEO of Blockstream, contributed a more optimistic view in a couple of posts on X, stating that Mars’s distance poses no issue for Bitcoin’s block structure. He expanded the conversation to a more ambitious vision, suggesting that a Kardashev Type 2 civilization would involve the construction of a Dyson sphere around the sun.
Hot Take
All in all, the conversation between Musk and Wood sheds light on the complex challenges and potential solutions for using Bitcoin on Mars. It emphasizes the need for innovative approaches to make cryptocurrency transactions viable for interplanetary colonization.
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