SpaceX CEO Elon Musk says Mars will run on cryptocurrency when planet is settled

Elon Musk says the money used on Mars will be cryptocurrency when the red planet is colonised.

The SpaceX billionaire recently claimed he is "confident" humans will land on Mars by 2026 and has ambitions to transport people there by 2050 to start a new life.

Musk joked that the currency might be called 'Marscoin', in an apparent play on words of Bitcoin.

Podcast host Lex Friedman tweeted that the Mars economy will "run on crypto".

A fan suggested the currency might be called "Marscoin", and Musk added his agreement, writing: "Yes."

Musk previously he is "highly confident" his company will be able to land humans on Mars by 2026 on SpaceX's Starship rocket, saying he thinks it is an achievable goal "about six years from now".

He said: "If we get lucky, maybe four years.

"We want to send an unscrewed vehicle there in two years."

The 49-year-old says he plans to build a city on Mars by 2050. When Earth and Mars are closest to each other, the journey will take around 260 days.

Musk has been paying thought to how humans will live on the red planet when they arrive.

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He said they will initially live in glass domes before introducing terraforming to replicate the conditions of Earth.

Musk said: "Life in glass domes at first. Eventually terraformed to support life, like Earth. Terraforming will be too slow to be relevant in our lifetime.

"However, we can establish a human base there in our lifetime. At least a future spacefaring civilisation – discovering our ruins – will be impressed humans got that far.

"Getting to Mars, I think, is not the fundamental issue.

"The fundamental issue is building a base, building a city on Mars that is self-sustaining.

"We're going to build a propellant plant, an initial Mars base and then get it to the point where it's self-sustaining.

"I want to emphasise that this is a very hard and dangerous, difficult thing, not for the faint of heart. Good chance you'll die, it's going to be tough going, but it will be pretty glorious if it works out."

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