Space & Astronomy

Musk: Mars settlers could trade in 'Marscoin'

By T.K. Randall
January 15, 2021 ·  18 comments

Could Mars one day have its own economy ? Image Credit: NASA The question of whether or not future off-world colonies will have their own economies and currencies is not something that crops up very often, however it seems that even this is something that SpaceX CEO (and now world's richest man) Elon Musk has taken into consideration as he continues his efforts to develop the technologies needed to see mankind succeed beyond the Earth.

During a recent Twitter discussion, he posted in confirmation of the suggestion that future Mars settlers might trade in cryptocurrencies - in particular the aptly-named 'Marscoin'.

It might sound like a made up name, but this futuristic cryptocurrency actually exists and is already in use today in the hope of one day becoming the dominant currency on the Red Planet.

"Marscoin will be closely following the progress made by SpaceX, The Mars Society and other leading visionaries in space exploration," an FAQ on the official Marscoin website states."Marscoin could be officially forked and transferred to Mars at the time of the first manned departure or later in the settlement's development. "

Virtual currency would certainly have many advantages on Mars, not least of which being the lack of any need to make, transport and store large quantities of physical cash.

A Mars-specific currency would also hold value relative to the planet's specific economic conditions.

Who knows - perhaps one day, every colonized world will have its own independent currency.

Source: Popular Mechanics | Comments (18)

Tags: Mars, Musk