"US must beat China back to the moon: Entrepreneur"

Bigelow is applying to the Federal Aviation Administration's Office of Commercial Space Transportation to amend a 1967 international agreement on the moon so that a system of private property rights can be established there. "When there isn't law and order," he said, "there's chaos."

Bigelow said he believes the right to own what one discovers on the moon is the incentive needed for private enterprise to commit massive amounts of capital and risk lives. "It provides a foundational security to investors," he said.

The big danger here isn't a fear of private enterprise owning and maximizing profitable benefit from the moon," he said. "The big worry is America is asleep and does nothing, while China comes along, lands people on the Moon, and decides, 'We might as well start surveying and laying claim, because who is going to stop us?'"

Does the possibility of China beating America back to the Moon worry him? "A lot. ... Tell me something that they don't have significant interest in," he replied. "Name something."

By CNBC's Jane Wells. (video at the link)