Bitcoin heads to the Moon in historic BitMEX endeavor

BitMEX is pioneering a mission in partnership with Astrobotic, Bitcoin Magazine, and Oxcart Assembly to transport a physical Bitcoin (BTC) to the Moon.

The event is the culmination of plans first announced in May 2023. On Monday, Jan. 8, a privately-built spacecraft is Slated to take off from Cape Canaveral Space Force Station, Florida, at 02:18 am ET.

According to BitMEX CEO Stephan Lutz, the mission represents a historical transition for Bitcoin and blockchain technology, highlighting their potential to establish an extra-terrestrial financial ,.

The physical Bitcoin, valued at approximately $45,000, will be launched on a United Launch Alliance Vulcan rocket and integrated into Peregrine-1, a commercial lunar lander.

Following an initial orbit around the Earth, the rocket is expected to set Peregrine-1 on a lunar path, with an anticipated arrival date on the Moon of Feb. 23.

Throughout the seven-week lunar orbit phase, audiences worldwide can access a live broadcast via NASA TV.

Lutz shared his excitement about the project, referring to the Bitcoin on the Moon as a time capsule of technological innovation and human achievement, signifying a new era in decentralized finance

According to Finance Feeds, BitMEX co-founder Samuel Reed echoed Lutz’s sentiment. The mission aims to inspire a new generation of pioneers to venture into the uncharted realms of technology and finance, he said.

Dogecoin to the moon, too

BitMEX’s mission is not the first of its kind. In November 2023, the Dogecoin (DOGE) team announced it would send a physical DOGE to the Moon.

The physical meme coin was part of Astrobotic’s first Peregrine Mission (PM1), which was set to deliver 21 payloads from ious stakeholders, including governments, businesses, universities, and NASA’s Commercial Lunar Payload Services initiative

In addition, the cargo was to include the original Bitcoin block, known as the Genesis Block, a venture sponsored by Bitcoin Magazine

Previously, Dogecoin was associated with a SpaceX lunar mission financed by DOGE tokens. It was a project of the Canadian firm Geometric Energy Corp., which declared it the first commercial lunar payload fully funded by DOGE. Nevertheless, the SpaceX mission was delayed and rescheduled for a January 2024 launch.

While BitMEX’s mission to send a physical Bitcoin to the Moon may represent an exciting development, the crypto exchange’s founder and former CEO, Arthur Hayes, recently predicted a bearish trend. Hayes anticipates a severe 20% to 30% correction in Bitcoin from its expected gains, particularly if spot Bitcoin ETFs in the U.S. start trading.

In a blog post published just days before the expected launch of the physical Bitcoin to the Moon, Hayes wrote he was getting ready for a “vicious washout of all crypto tourists in March of this year.” For that reason, he stated he would not buy BTC until well past March.

At the time of this report, the coin was trading at $43,894, representing a 0.2% price increase in the past 24 hours and 3.6% over seven days.