Elon Musk believes future Mars economy is going to be based on cryptocurrencies

SpaceX founder Elon Musk has said that any future economy on Mars could be cryptocurrency-based. While responding to a Twitter thread started by AI researcher Lex Fridman, Musk agreed the Martian economy "will run on crypto”. He also suggested that it could be with the novelty cryptocurrency dogecoin or fringe cryptocurrency “Marscoin”. 

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According to The Independent, the Marscoin project was founded in 2014 and saw a brief surge in popularity during the cryptocurrency market bull run in late 2017. While the Marscoin drifted into obscurity, the altcoin, on the other hand, currently has a market cap of less than $100,000. Dogecoin could also be a more likely candidate, given it continues to be relatively popular and even shares many of the same decentralised attributes as bitcoin. 

Earlier, the price of dogecoin had also surged more than a third after Musk changed his Twitter bio to “former CEO of Dogecoin”. Meanwhile, the SpaceX founder has repeatedly spoken about his ambition to travel to Mars in his lifetime. He has also ordered his employees to accelerate the development of the next-generation Starship rocket. 

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SpaceX Mars Mission

Musk’s dream project, SpaceX Mars Mission, is expected to launch people to the red planet from 2024. In a recent interview, Musk had said that he was planning to complete the manned Mars mission within 2026. SpaceX is working to finalise the prototypes and they have already prepared their latest prototype called SN8 or Serial No. 8. 

The scientists are going to check how this prototype performs. SpaceX is aiming to launch the SN8 at the speed of 15 km, which is much higher than the speed used by any rocket to date. The previous three engine prototypes named Star hopper, SN5, SN6 attained a minimum altitude of 500 during the test flight. The test flights were conducted in the past year. Elon Musk wants to use his SpaceX mission to help humanity and also plans to create a "Colony of Humans" on Mars.

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