Elon Musk Explains Why Dogecoin Won't Be The 'Official Currency Of Mars'

Elon Musk, CEO of Tesla Inc TSLA and popular Dogecoin DOGE/USD advocate, doesn’t see a place for meme-based cryptocurrency on Mars.

What Happened: In a recent interview with Lex Friedman, Musk confirmed that SpaceX is still considering putting Dogecoin on the moon – but its utility in space may end there.

When asked whether Dogecoin could potentially be the official currency of Mars, Musk said: “I think Mars itself will need to have a different currency because you can’t synchronize due to the speed of light, or not that easily.”

“Mars is, at closest approach, it’s four light minutes away. And then add for this approach, it's roughly 20 light minutes away, maybe a little more,” explained Musk.

“So you can’t really have something synchronizing if you’ve got a 20-minute speed of light issue. If it’s got a one-minute blockchain, it’s not going to synchronize properly,” he added.

The Tesla and SpaceX CEO went on to note that cryptocurrency, in general, is an interesting approach to “reducing the error in the database that is called money.”

“The government effectively has editing privileges to make more money whenever they want. And this increases the error in the database that is money,” said Musk.

Price Action: As of Monday morning, the leading cryptocurrency Bitcoin BTC/USD was trading at $47,025.27, down 0.47% in the last 24 hours. Dogecoin traded hands for $0.1716, down 0.79% over the same period.

Related Link: Market Analyst Says Shiba Inu And Dogecoin Unlikely To Rally In 2022, Only Elon Musk Tweets Can Pump The Cryptos

Photo: by Nicolas Lobos on Unsplash