Will China be first to visit $700 quintillion asteroid that could 'sink' world’s economy?

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CHINA could be the first country to visit an asteroid that is so loaded with precious metals it is estimated to be worth $700 quintillion.

Asteroid psyche 16

PRICELESS: Asteroid Psyche-16 is loaded with precious metals (Pic: GETTY)

Numerous space agencies, including NASA, are looking at sending a spaceship to Psyche-16, with an eventual goal of mining the rock.

But China, which has vowed to totally dominate the global space race, may be the first to actually reach it.

According to space experts, the country has its sights firmly set on taking advantage of the commercial aspects of space exploration – including rinsing it for precious resources.

This is in contrast to NASA, whose missions primarily focus on gathering data and increasing man’s understanding of the universe.

NASA asteroid

ECONOMY: It was previously claimed Psyche-16 could sink the world’s economy (Pic: GETTY)

NASA asteroid

MINING RACE: Experts say the space race for precious resources has already begun (Pic: GETTY)

Already, the space economy is valued at a whopping $350 billion, according to Morgan Stanley.

The firm predicts that in the next 20 years this figure will rise to an astronomical $2.7 trillion.

Scott Moore, CEO of EuroSun Mining, said the space race for precious metals has well and truly started.

“You can’t just think of space mining as something that will suddenly happen in 25 or 50 years,” he explained.

“It’s already happening from an investment perspective. And the Asteroid Belt is just one aspect of this market. The entire global space market is worth hundreds of billions already.”

It was previously claimed that Psyche-16 could wreck the global economy if brought back to Earth.

A NASA scientist previously said that its value would be enough to cause the world’s economy – worth $73.7 trillion – to collapse altogether.

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