Elon Musk, a major influencer in the cryptocurrency realm, recently ignited a debate with his comments on the use of cryptocurrency on Mars. In a discussion facilitated by ARK Invest CEO Cathie Wood, Musk expressed skepticism about Bitcoin‘s (BTC) viability as a currency on Mars, citing the long transaction confirmation times as a major hurdle.
Musk’s concerns stem from the technical challenges posed by the distance between Earth and Mars, which would significantly delay transaction confirmations. He stated, “You can’t use Bitcoin on Mars; consensus is too long.”
The debate is rooted in Musk’s ambitious plans to establish a habitable colony on Mars by 2050, which includes enabling interplanetary travel and habitation.
Initially doubtful, Musk later contemplated the possibility of using Bitcoin to some extent on Mars, acknowledging the potential obstacles but suggesting that the distance between the planets could be a factor to consider.
Musk also discussed a potential solution with Bitcoin core developer Matt Corallo, proposing that the slow transaction speed of BTC could be mitigated through the use of the Lightning Network. The security of Bitcoin transactions, which requires approximately one hour to confirm due to the blockchain’s 10-minute block intervals, is crucial for its use across multiple planets. The recent approval of spot-Bitcoin ETFs has spurred interest among scientists and CEOs in the potential applications of BTC.