Elon Musk has big plans for Mars as he and the rest of the SpaceX team are working towards creating the first settlement on Mars. A settlement that Elon said could be just 4 years away. The news could therefore soon break on what currency Mars may run on, and many are now wondering if Dogecoin may be chosen due to Elon’s history with the coin and its founder.
Mars Laws and Economy
A new rulebook and economic system are very likely to be built from the ground up, as SpaceX and Elon have said that earth’s laws will not be recognized as legally valid for future Marsians. That Mars will be based on “self-governing principles”. This sets up some interesting ways for future human settlement on Mars, allowing us a chance to quickly test out a whole new model, not governed by our usual slow and tedious bureaucracy. Paving the way for a financial system not governed by powerful centralized banks.
Legal Tender on Mars
To that effect, Elon has expressed a keen interest in using cryptocurrencies as a legally valid tender on Mars once we colonize it. As such, it raises the question about what cryptocurrency SpaceX and Elon Musk will formally recognize. Netflix has already explored a distant future through their Altered Carbon series, where cryptos such as Zcash, Monero, Bitcoin, and Facebook Libra had all but replaced fiat.
Elon Musk has previously expressed significant interest in Dogecoin. A currency which he has tweeted extensively about in the past. To the point that on a couple of occasions dogecoin even rallied as a result of his tweets. Although that is of no surprise when considering his massive Twitter following and the automatic mass media attention he attracts when he tweets.
In April of 2019, he was named the CEO of Dogecoin by its highly engaged and entertaining community. After which, Elon Musk changed his Twitter bio to read “Former CEO of Dogecoin” as he also immediately decided to “quit”.
While he has jokingly been involved with Dogecoin on several occasions, it is also a lesser-known fact that he has worked closely with the Dogecoin founder on another idea. An idea on how to try to combat Twitter spambots posting fake cryptocurrency giveaways on his tweets. It is therefore quite possible that his relationship with and interest in Dogecoin may be less of a joke than the crypto community assumes. We can therefore not entirely exclude that Dogecoin won’t, in fact, be used as legal tender on Mars when SpaceX and humans do in fact settle there.
Marscoin Was Proposed for Mars Economy
Marscoin was jokingly raised as a potential contender, a neat little play on words, but naturally, that will never come to pass. The question therefore still remains if Dogecoin may be the preferred crypto by Marsians, if another coin will be or if they will indeed create and establish their own unique to Mars only. Finally, there is also the possibility that they may recognize a wide range of cryptos as legal tender.
One thing is certain, we are keen to see exactly what the future for Mars holds and what cryptocurrency they will be using. Once that becomes public expect markets to take a positive step forward for whatever project that may be, as the publicity for it will literally be out of this world.