“It would make sense to use some cryptocurrency on Mars,” Musk replied. “But you can’t use Bitcoin, because the transaction process is too long.”

However, he then thought again and said: “Maybe you could use Bitcoin to some extent, but it would be difficult. Mars is about 20 light minutes away, so it’s not easy . There must be something localized on Mars.”

Elon Musk at an event in Rome (Italy). Photo: Reuters

Musk also agreed with Matt Corallo, one of Bitcoin’s core developers, that Bitcoin’s slow transaction speeds could be solved through a local network called Lightning Network. According to CoinTelegraph, Bitcoin currently takes an hour to secure transactions, as its blockchain assembles into 10-minute blocks, requiring at least six blocks to be confirmed before a transaction is completed.

According to Adam Back, CEO of blockchain company Blockstream, Lightning Network can speed up transactions. However, even without “localizing” Bitcoin transactions, speed is still a factor that is not really a concern. “12-20 minutes of light is no problem with 10-minute blocks,” Back commented.

Previously, Musk publicly supported a number of digital currencies, such as Dogecoin. However, responding to user X last August, he said he would “never” launch his own cryptocurrency.