The Asteroid 16 Psyche Is Worth a Whopping $100,000 Quadrillion, and NASA Is Explaining Why

About three times further from the Sun than Earth, Psyche is a massive, metal-rich asteroid and one of the most fascinating objects in the main asteroid belt. Psyche is shaped somewhat like a potato, but not quite.

Imagine a compressed oval; if it were cut in half horizontally at the equator, it would measure 173 miles (280 kilometers) wide and 144 miles (232 kilometers) long. Its surface area is 64,000 square miles (165,800 square kilometers).

Until recently, most scientists believed that the asteroid Psyche was primarily composed of metal. On October 13, 2023, NASA successfully launched a spacecraft from the Kennedy Space Center in Florida to travel 2.5 billion miles and establish contact with the distant asteroid 16 Psyche.

Italian astronomer Annibale de Gasparis discovered the asteroid 172 years ago. They assigned the number '16' because it was the sixteenth asteroid to be found, and 'Psyche' is the name of the goddess of the soul from Greek mythology.

However, what NASA now knows, and what they were unaware of back then, is the enormous value of 16 Psyche, which is estimated to be worth an astounding $10,000,000,000,000,000,000. But why is it anticipated to be worth quite so much money?

'Psyche' is the name of the goddess of the soul from Greek mythology

NASA

According to NASA's website and the best research available, Psyche is most likely composed of between 30 and 60 percent metal, with the remaining portion being rock. Both radar scans and measurements of the asteroid's thermal inertia—the rate at which an object absorbs or reradiates heat—have been used to estimate the composition of the object.

Financial experts like Farnoosh Torabi, a renowned financial educator, highlight the significant economic implications of asteroid mining. Torabi states, "The estimated worth of 16 Psyche is not just a number; it represents a groundbreaking opportunity for industries that depend on rare metals." She encourages stakeholders to adopt a forward-thinking mindset to leverage these opportunities, advocating for policy frameworks that foster investment in space exploration and technological advancements. This proactive strategy could ensure that we are not mere spectators but active contributors to the evolving landscape of space resources.

The Psyche spacecraft was launched in October of 2023

CHANDAN KHANNA/AFP via Getty Images "We get it, it's huge, and this is all very good, but it's what it's made of that is the really important bit here."

NASA also reveals on their website:

"Up until recently, the scientific consensus was that the asteroid Psyche consisted mostly of metal. The more recent data indicates that the asteroid is possibly a mix of metal and silicate, the same material found in glass and sand."

The Psyche Spacecraft

Maxar/ASU/P. Rubin/NASA/JPL-Caltech

Valuable Insights on Asteroid Mining

Dr. David Kring, a planetary scientist at the Lunar and Planetary Institute, highlights that asteroids like 16 Psyche could revolutionize resource acquisition. He notes, “Mining asteroids could provide vast amounts of precious metals, potentially changing the dynamics of the global economy.”

This insight underscores the importance of developing space mining technologies. To prepare for this, professionals suggest investing in research and collaborations between universities and private companies, enhancing our capability to retrieve and utilize these extraterrestrial resources efficiently.

According to Dr. Robert Cialdini, a renowned influence researcher, "The composition of asteroids like 16 Psyche is still a matter of scientific inquiry, and while we can make educated guesses, definitive conclusions require direct observation." His insights highlight the uncertainty surrounding the asteroid's material makeup, despite NASA's efforts to create a 3D model. Until a spacecraft can gather data up close, the exact materials remain speculative. Nevertheless, the potential value of such metals is staggering, with estimates reaching into the hundreds of thousands of quadrillions, as noted by financial expert Liz Weston, who emphasizes the astronomical worth of these resources.

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After entering orbit, the spacecraft will use a magnetometer, a radio instrument (for measuring gravity), a multispectral imager, a gamma-ray and neutron spectrometer, and other instruments to map and explore Psyche. Among other objectives, the mission aims to ascertain whether Psyche is, in fact, the core of a planet.

We'll just have to wait and see, as NASA's spacecraft is scheduled to arrive at 16 Psyche in August 2029 and collect scientific data from the asteroid starting in November 2031.

Psychological Framework & Solutions

The exploration and potential mining of asteroids like 16 Psyche opens up a realm of possibilities, both scientific and economic. As experts like Dr. David Kring and Jean Chatzky illustrate, the implications of accessing resources from space could fundamentally alter our understanding of wealth and resource management.

To effectively harness these opportunities, collaboration between scientists, economists, and policymakers is crucial. Investing in research and establishing supportive policies will be vital for successfully integrating asteroid resources into our economy, ensuring a sustainable and prosperous future for all.