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Elon Musk Has Revealed That Mars Will Have Its Own Cryptocurrency, But It Will Not Be Dogecoin

Elon Musk explained why Dogecoin cannot be the official currency of Mars during an appearance on a popular podcast with Lex Friedman.

Elon Musk frequently mentions Dogecoin as his favourite cryptocurrency in public while discussing the meme currency Doge.

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Elon Musk is always excited about visiting Mars in the next few years, and he talks about it whenever he can. The CEO of SpaceX is one of the space entrepreneurs attempting to reach Mars with the goal of populating there.

Musk has also stated that it is preferable if more people are born on Earth since more will relocate to Mars. In a podcast with Lex Friedman, the world’s richest man expressed his ideas on the future of our Solar System’s fourth planet, which is located at a distance of around 228 million kilometres (142 million miles) or 1.52 AU.

When Mars is colonised, he believes it will belong to the people who live there. Martian laws and civilizations will not be governed by the same norms that govern countries on Earth.

In response, Elon Musk declared, much to the chagrin of dogecoin supporters, that Dogecoin cannot be the coin of Mars.

“Well I think Mars itself will need to have a different currency because you can’t synchronize due to the speed of light”

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Lex Friedman asked, So it will be a complete standalone from the earth?

Elon responds “Well yeah because, Mars at closest approach, its four lights minutes away roughly and then at furthest approach, its roughly 20 light minutes away, or maybe a little more, so you can’t really have something synchronizing, you know if you could, if you have got a 20-minute speed light issue, if it’s got a one-minute blockchain, it is not going to synchronize properly.

Although Elon Musk does not believe that the Dogecoin network can be synchronised from Mars, he does believe that the next planet to be populated will have a cryptocurrency in the future.

When asked about the planet’s future, he stated that he will not make the decision alone, but with the population who will reside there.

“I don’t know if Mars will have a cryptocurrency, but it probably will, and it will be some kind of localized thing on Mars. I think cryptocurrencies are an interesting approach to reducing errors in the database called money.”