Elon Musk’s Concerns About Using Bitcoin on Mars
During an X space event hosted by Cathie Wood, CEO of Ark Invest, Elon Musk expressed his frustrations with Bitcoin arguments. While the community celebrated the approval of spot Bitcoin exchange-traded funds (ETFs), Musk was questioned about using Bitcoin on Mars.
Musk has a vision for colonizing Mars and believes that it would make sense to use some kind of cryptocurrency on the planet. However, he pointed out that Bitcoin’s reconciliation time is too long for practical use on Mars. He suggested the need for a localized cryptocurrency instead.
Musk also expressed his frustration with Bitcoin discussions, stating that he would sign off if the conversation became annoying.
Musk’s Changing Stance on Bitcoin
In the first half of 2021, Musk was vocal about Bitcoin. He even changed his Twitter bio to “#Bitcoin” and Tesla started accepting Bitcoin payments. However, in May 2021, Tesla withdrew Bitcoin as a payment option due to environmental concerns.
Despite this, Tesla currently holds around 10,000 Bitcoins as of January 2024, making it one of the top public companies with Bitcoin holdings.
Hot Take: The Challenges of Using Bitcoin on Mars
Elon Musk acknowledges the potential use of cryptocurrency on Mars but highlights the difficulty of using Bitcoin due to its long reconciliation time. While Musk’s frustrations with Bitcoin arguments are evident, his changing stance on the apex cryptocurrency raises questions about its future adoption by Tesla and its relevance in space exploration.
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