At a conference focused on the approval of an ARK Invest Bitcoin ETF, billionaire Elon Musk announced that he is open to the use of cryptocurrencies, including Bitcoin, as a currency on Mars.
Initially hesitant about the practicality of using the first cryptocurrency on the Red Planet due to the long transaction confirmation time, Musk later changed his viewpoint after discussions with others.
He acknowledged that utilizing Bitcoin to some extent is possible, but noted the challenges of using it in large quantities given Mars’s distance from the Sun (20 light minutes).
The entrepreneur reached this conclusion after agreeing with Bitcoin Core developer Matt Corallo that the slow transaction speed could be resolved through a localized micropayment network based on Bitcoin’s Lightning Network.
