Elon Musk, the CEO of SpaceX and Tesla, hints that he could develop crypto; however, the possibility remains uncertain. Recently, Musk participated in a Twitter discussion regarding whether he should build his own cryptocurrency. Moreover, it appears, granted that if it becomes a necessity, he will definitely do it. On Feb. 14, Musk revealed his desire to purchase large amounts of Dogecoin to push its value. Alternately, he spoke, he could reward Dogecoin investors to void their accounts.
Furthermore, Mansour Shahrokh of Knight Chadwick Limited advised that Musk formulated his cryptocurrency to achieve the motive of buying the Dogecoin supply. Binance CEO Changpeng Zhao recommended naming the cryptocurrency Marscoin. Musk replied that there would be a Marscoin. Those comments are probably regarding prior discussions on Twitter, which suggested that Musk should formulate crypto for SpaceX Mars missions programmed to commence in 2024. Nevertheless, the idea introduced today has no relation with Mars. It is similar to a potential acquisition of Dogecoin, which means that Musk’s confirmation is less than serious.
Evaluating the probability of Elon Musk’s Marscoin
However, the strategy mentioned above appears to be an in-joke; the idea is not wholly unthinkable. Tesla recently bought $1.5 billion of Bitcoin, which implies that Musk or his enterprises could manage a vital part of Dogecoin’s $6.5 billion market cap. Furthermore, purchasing and burning those coins in a void account would surge the value of Dogecoin.
Nevertheless, developing a cryptocurrency would probably generate regulatory trouble for Musk. Likewise, if Musk did not carry out an ICO and created a coin that determines its value from his position, doing so would draw undesired attention from regulators like the U.S. SEC.
The name “MarsCoin” is not new. In 1990 Robert Zubrin and David Baker issued a feasibility study revealing proposals for a journey to Mars and establishing a rudimentary base employing Mars’ natural resources. They suggested MarsCoin as the Martian currency for the settlers to use. Conclusively, it seems doubtful that Musk will undertake the idea in practice; however, it is dubious that this is the conclusion of his cryptocurrency efforts.
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