Will Mars have a cryptocurrency? Here's what Elon Musk says

December 31, 2021 09:49 AM AEDT | By Ashish

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Will Mars have a cryptocurrency? Here's what Elon Musk says — Image source: eamesBot,Shutterstock

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Highlights

Tesla CEO Elon Musk has predicted that Mars could see transactions in cryptocurrency in the future.

However, Musk said that it could be a “ localised thing”.

Musk said that he did not yet completely understand Ethereum blockchain-based smart contracts.

Tesla CEO Elon Musk has predicted that Mars could see transactions in cryptocurrency in the future, even as it would be a “localized thing”. Musk said it in a recent Lex Fridman Podcast when asked if Mars would need a different currency for transactions.

“I think Mars itself will need to have a different currency ... I don't know if Mars would have a cryptocurrency as a thing, but probably it seems likely, but it would be kind of a localized thing on Mars,” the tech billionaire, who shares an immense interest in digital currencies, said.

It comes as SpaceX and Tesla CEO is working on landing his aerospace company’s Starship rockets on the Red Planet before 2030. In the same podcast, Musk could be heard saying that SpaceX would land humans on Mars with its Starship rocket in 10 years, in the worst-case scenario.

Speaking further, Musk said that he did not completely understand Ethereum blockchain-based smart contracts. Smart contracts are contracts that come with a capability to self execute themselves when certain pre-programmed conditions are met.

Will Mars have a cryptocurrency ? Here's what Elon Musk says

Bullish on Dogecoin

Musk was also bullish on Dogecoin, which is an open-source peer-to-peer digital currency, favoured by Shiba Inu globally. The tech magnate said that Dogecoin was fundamentally better than any other cryptocurrency. He plans to put Dogecoin on the moon.

Further, he predicted that Dogecoin would eventually become the official currency of Mars. Earlier, he had hinted at the memecoin’s use for SpaceX.

Meanwhile, after hovering at under the US$0.10 level until early April, DOGE price peaked to over US$0.70 by early May. As of now, the price is under US$0.20 and the market cap has fallen to US$23 billion.

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