Asteroid mining is the up-and-coming way of making big money. Several companies are building crafts in the hope of getting to space and mining an estimated total value of asteroids of $700 quintillion (equivalent to $75 billion each for us here on Earth). Platinum, which is extremely rare on earth, is abundantly found in asteroids. In fact, that’s how platinum arrived on earth. NASA’s Psyche mission which is set to launch in 2022 will target a metal-rich asteroid known as 16 Psyche. The asteroid is believed to be worth $10,000 quadrillion – enough to make everyone here on earth a billionaire – as the headline of this article suggests.
Except, that’s not how economics works. It is the rarity of these metals that make them so valuable. Abundant availability of such metals may solve the crisis, but bring down its value at the same time. Unless the supply is controlled by corporations as is the case with diamonds. In reality, we still haven’t figured out how we’re going to transport back these metals back on earth. Until then, it is good to know that the momentum of the industrial revolution is taking us up in space.