- Elon Musk finally considering to use Bitcoin (BTC) on his social media platform X.
After a series of back and forths on whether Elon Musk will include cryptocurrencies such as Bitcoin (BTC) on his social media platform X, the billionaire entrepreneur has finally welcomed the idea of using the crypto asset on the platform.
While speaking with ARK Invest CEO Cathie Wood in a space on X regarding the company’s spot Bitcoin ETF, Musk clarified that he is “open to using BTC on X” but rarely thinks about the crypto asset.
— Crypto Macro (@cryptomacro14) January 11, 2024
During the space titled “ARK 21Shares Bitcoin ETF (ARKB) Approved,” Musk disclosed that while he is open to using Bitcoin on X, he does not believe the crypto asset is suitable for payments.
“I don’t spend a lot of time thinking about Bitcoin,” said Musk.
The billionaire CEO of both Tesla and SpaceX said that his spaceship company has BTC on its portfolio while he owns Dogecoin (DOGE).
Earlier in December, Musk said he would launch the long-anticipated payment feature on X later this year in the second quarter (Q2). The move will eventually make his plans of turning the platform into an “everything app” come true.
X had already obtained approval from different states in the United States, including Rhodes Island, Dakota, Kansas, and Wyoming, to offer payment services to users in the region in preparation for becoming a financial service hub.
Musk To Use Bitcoin On Mars
In addition to using BTC on X, Musk hinted at the possibility of using BTC as currency on Mars, marking a shift in his earlier resistance to the idea during the X space with ARK Invest CEO.
The billionaire entrepreneur initially objected to using Bitcoin as a currency on Mars, citing the extended time it takes to settle transactions.
“It would make sense to use some cryptocurrency on Mars; you couldn’t use Bitcoin because the reconciliation is too long.”
Musk’s comments stemmed from his ongoing ambition to establish a human colony on Mars by 2050, emphasizing the necessity for humanity to become a multi-planet species for survival.
After pondering the challenges of using the crypto asset on Mars, Musk concluded that using Bitcoin on Mars might be feasible, given that Mars is approximately 12 light minutes away from Earth.
He acknowledged potential difficulties and proposed a localized network on the red planet.
“Mars can be like twenty light minutes away. So, it is not easy; there would have to be a localized thing on Mars,” Musk said.
Discussions about the potential acceptance of BTC on Mars continued outside the X space, with Musk agreeing with Bitcoin core developer Matt Corallo on the possibility of addressing Bitcoin’s slow transaction speed through a localized Lightning Network.
Bitcoin’s current settlement process can take up to an hour due to assembling transactions into 10-minute blocks, requiring confirmation of six blocks for finalization.
While Corallo suggested a localized Lightning Network, Blockstream CEO Adam Back came up with a theory that could solve Bitcoin’s scalability problem.
“Bitcoin 12-22 light minutes is no problem with 10-minute blocks. Plus, think bigger: kardashev type 2 requires a Dyson sphere around the sun and puts all the miners there, too. Problem solved,” he wrote on X.
Correct answer: #bitcoin. 12-22 light minutes is no problem with 10minute blocks. Plus think bigger: kardashev type 2 requires a Dyson sphere around the sun and put all the miners there too. Problem solved.
— Adam Back (@adam3us) January 11, 2024