NASA is currently eyeing a rare asteroid composed of gold and other precious metals that’s worth over $10 quadrillion. Experts predict that NASA’s upcoming mission to the golden space rock could jumpstart the asteroid mining industry and boost Earth’s economy.

Located between Mars and Jupiter’s orbits, the Psyche 16 asteroid is considered as the next destination of NASA. According to the space agency, it plans to launch a mission to the asteroid by 2022.

For NASA, exploring Psyche 16 will be a momentous achievement due to its unique composition. The asteroid appears to be an exposed nickel-iron core of an early planet, which the space agency believes will provide a better understanding of how solar systems are formed.

Aside from iron and nickel, the asteroid is also composed of other precious metals including gold and platinum. It is believed that Psyche 16 has enough gold to cripple Earth’s gold industry.

It is estimated that the metals on the asteroid are worth over $10 quadrillion. If brought to Earth, the asteroid can make everyone billionaires.

According to Scott Moore, a veteran miner and CEO of EuroSun Mining, heading to asteroids could be the next step in the mining industry. It is being regarded as a lucrative alternative due to the diminishing natural resources on Earth.

“The ‘Titans of Gold’ now control hundreds of the best-producing properties around the world, but the 4-5 million ounces of gold they bring to the market every year pales in comparison to the conquests available in space,” Moore told Oil Price.

Mitch Hunter-Scullion, founder of the Asteroid Mining Company, agrees with Moore and is already planning on taking advantage of the economic opportunities that space offers.

“It’s the next boom industry,” he told BBC. “Once you set up the infrastructure then the possibilities are almost infinite. There’s an astronomical amount of money to be made by those bold enough to rise to the challenge of the asteroid rush.”

Of course, mining an asteroid or even landing on one is not an easy task. Following NASA’s launch in 2022, the space agency plans to spend years orbiting the Psyche 16 and studying it from a distance before possibly landing on it.

Asteroid Vesta
Aliens could be hiding in asteroids. Pictured: In this handout from NASA, the giant asteroid Vesta is seen in an image taken from the NASA Dawn spacecraft about 3,200 miles above the surface July 24, 2011 in Space. NASA/Getty Images
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