Elon Musk has recently expressed a certain degree of skepticism towards the utilization of Bitcoin on Mars, due to its considerable reconciliation times. He proposed that a localized cryptocurrency could potentially overcome such challenges more efficiently.
Elon Musk partook in a discourse on X-Twitter, where he voiced his apprehensions concerning the ongoing debates centred around Bitcoin's usage (BTC). Nevertheless, he agrees a digital currency like Bitcoin could be beneficial on Mars.
The applause in the crypto-world for the U.S. Securities and Exchange Commission’s (SEC) sanction of spot Bitcoin exchange-traded funds (ETFs) seems not to find much resonance with the Tesla CEO.
Elon Musk’s Concerns About Bitcoin Use on Mars
Elon Musk attended an X discussion titled “ARK 21Shares Bitcoin ETF (ARKB) Approved,” moderated by Ark Invest CEO Cathie Wood. Despite the community's celebration around the sanction of spot Bitcoin ETFs, Musk's concerns about Bitcoin's use on Mars were raised.
Elon Musk's vision of Mars colonization is well-known.
"The idea of deploying cryptocurrency on Mars is plausible. However, Bitcoin might not be suitable given its longer reconciliation time. We'd most likely need some localized means on Mars.
Using Bitcoin might be feasible to some extent, but using it extensively on Mars can be challenging," Musk stated.
Eventually, Musk displayed apparent frustration with the discussions revolving around Bitcoin, saying "If we are getting into irritating Bitcoin debates, I will withdraw."
In the early months of 2021, Musk frequently expressed his views on the top-ranking cryptocurrency. In January 2021, he even altered his X (Twitter) bio to "#Bitcoin." Notably, in March 2021, his company, Tesla, initiated accepting Bitcoin payments. However, he reversed his stance in May 2021 and dropped Bitcoin as a payment alternative for Tesla, attributing his decision to environmental impacts.
Mentioning the fact, Tesla holds nearly 10,000 Bitcoins as of January 2024, making it the third on the list of public companies investing in Bitcoin.
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