Entrepreneur Elon Musk was present in a discussion that occurred on Twitter, during which he expressed difficulties with Bitcoin (BTC), however, he arguably suggested the possibility of using Bitcoin or an alternative cryptocurrency on Mars.
The approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) was a topic of joy among Bitcoin enthusiasts, but it is perceptible that the Tesla CEO may perhaps not hold the same joyous sentiments.
The Arguments Against Bitcoin Usage on Mars, According to Musk
In a Twitter discussion titled "ARK 21Shares Bitcoin ETF (ARKB) Approved," which was steered by Ark Invest CEO Cathie Wood, questions were thrown at Musk regarding the application of Bitcoin on Mars, in the midst of celebrations on the approval of spot Bitcoin ETFs.
There is a widespread knowledge of Musk's vision concerning Mars colonization.
"For Mars, it might potentially make sense to use a sort of cryptocurrency. However, the long reconciliation time of Bitcoin makes it impracticable. There needs to be a localized adaptation on Mars.
There is a probability to utilize Bitcoin, albeit its active use on Mars would be a challenge," Musk stated.
Musk expressed noticeable irritation during the Bitcoin arguments, threatening to disengage from the discussion if it became exasperating.
A highlight of Musk's interactions with the leading cryptocurrency, Bitcoin, occurred in the first half of 2021. On Twitter, in January 2021, he endorsed Bitcoin by including it in his bio. Furthermore, in March 2021, Bitcoin was adopted as a payment option by his company, Tesla. However, a sudden turnaround occurred in May 2021 when Bitcoin was removed as a payment option due to concerns about the environmental impact of Bitcoin transactions.
As of January 2024, it is notable that Tesla owns about 10,000 Bitcoins, hence placing the company third on the roster of public companies in possession of Bitcoin.
