SpaceX CEO Elon Musk said that any potential Mars economy could be focused on cryptocurrency.

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SpaceX CEO Elon Musk said that any potential Mars economy could be focused on cryptocurrency. The tech billionaire and one of the co-founders of the giant online payment company PayPal hopes to send the first humans to Mars in early 2024, with the ultimate goal of creating an Autonomous City on Mars as soon as possible.

SpaceX CEO Elon Musk has said any future economy on Mars could be cryptocurrency-based

Responding to a Twitter thread started by AI researcher Lex Fridman, Musk said:

“The Martian economy will be developed based on cryptocurrency. Any cryptocurrency is possible, even with Dogecoin or a smaller cryptocurrency like Marscoin.”

Project Marscoin was created in 2014 and saw rapid success during the cryptocurrency market bull run towards the end of 2017. Yet the blockchain has since sunk into oblivion. Altcoins currently have a market cap of less than $100,000.


Dogecoin could be a more potential candidate, as it continues to be relatively popular and shares many of the same decentralized properties as Bitcoin. Last week, Dogecoin’s price jumped by more than a third after Musk changed his Twitter profile to “Former CEO of Dogecoin” and tweeted: “One word: Doge.”

The founder of SpaceX has often spoken about his plans to fly to Mars during his lifetime, and earlier this year he directed his employees to speed up the production of the next generation Starship rocket. A 12.5 km flight test of the Starship prototype took place earlier this month, with plans to create a fleet of 1,000-strong spacecraft, each capable of carrying up to 100 people.

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SpaceX caused debate in October after declaring that it did not accept international law on Mars, instead of adhering to a set of principles of self-government. According to the Starlink Internet Project Terms of Service of SpaceX, any potential settlement on the Red Planet will accept Mars as a free planet. At the same time, he added that no government on Earth has any jurisdiction or sovereignty over Mars activities.

The terms state:

“The dispute will be resolved through the principles of self-governance, established in good faith, at the time of settlement on Mars.”

It is unclear what these principles might be, although Musk has previously hinted that his preference for a government on Mars would be a government based on direct democracy.

Elon Musk said:

“Those will be the people who vote directly on the issues. The potential for corruption is substantially reduced in a direct democracy compared to representative democracy.”

SpaceX refused to respond to any media requests for feedback. However, the lawyers noted that every Mars constitution will still be subject to the 1957 Outer Space Treaty, which specifies that outer space, including the Moon and other celestial bodies, is not subject to national appropriation by demand, use or occupation, or in any other way.

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The whole law of space thinks that all of us on this earth have the right and duty to create a space that we can all share.


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