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Cryptocurrency might be used to run the future Martian economy

The future Martian community might opt to use crypto for trading within the colony.

Image by Aynur Zakirov from Pixabay

Thu, 31 Dec 2020, 08:59 am UTC

The crypto market is back to being bullish once more and has even already surpassed the previous 2017 rally. Bitcoin (BTC), the world’s biggest cryptocurrency by market cap, smashed its December 2017 all-time high and managed to climb past $29,000 recently sparking speculations that it may soon move past $30K.

The recent rally is attributed to increasing institutional demand as an increasing number of companies added Bitcoin as a reserve asset and as a hedge against inflation. Cryptocurrency adoption likewise increased during the pandemic lockdown as more people now use digital currencies as a payment method and for cross border transfers.

But the latest talk in the industry is that crypto usage might go beyond earth’s orbit. With the planned exploration of Mars already underway, there are already speculations that the future Martian economy would not run on US dollars or other lead fiat currencies of the world but on cryptocurrency.

Billionaire Elon Musk, the CEO of both Tesla and SpaceX, already endorsed the use of cryptocurrency to run Mar’s economy, according to Bitcoin.com. However, Musk did not specifically name Bitcoin for the job.

The possibility of cryptocurrency being used in the future Martian economy came up last week after AI researcher Lex Fridman tweeted, “Mars economy will run on crypto.” Twitter handle Elon’s World replied with the suggestion “Marscoin,” while Musk himself replied with a “Yes.”

Establishing a colony on Mars might take a while but Musk is “highly confident” that Space X will be able to land humans on the red planet by 2026, CNBC reported. “If we get lucky, maybe four years,” the SpaceX CEO Musk said. “We want to send an uncrewed vehicle there in two years.”

Previously, Musk stirred some controversy when he stated that international laws won’t be recognized on Mars, according to Independent. The billionaire said that Mars would instead adhere to a set of “self-governing principles.”

“For services provided on Mars, or in transit to Mars via Starship or other colonization spacecraft, the parties recognize Mars as a free planet and that no Earth-based government has authority or sovereignty over Martian activities,” the Terms of Service of SpaceX’s Starlink internet project stated. “Accordingly, disputes will be settled through self-governing principles, established in good faith, at the time of Martian settlement.”

Starlink’s Terms of Service appears to be based on the 1957 Outer Space Treaty, which states that “outer space, including the Moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means.” If a self-governing Martian colony becomes a reality, it is logical for its community to do away with the use of fiat currencies on earth and opt to use other modes of exchange such as cryptocurrency.

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