Shiba Inu developer Chitoshi Kusama has proposed creating a Strategic Blockchain Innovation Center (SHIB) in the United States, a Silicon Valley for the blockchain industry. In a post on X, Kusama noted that his proposal is in line with Donald Trump’s plan to build 10 new tech-focused cities.
According to Kusama’s proposal, published on November 5, establishing a blockchain hub in a US city may be costly in the short term, but it would bring long-term economic and geopolitical benefits to the country.
books:
“By harnessing the transformative potential of blockchain, this S.H.I.B. initiative aims to stimulate economic growth, create high-quality jobs, enhance national security, and advance U.S. leadership in emerging technologies.”
The proposal outlines how the city will be created through infrastructure development, economic incentives, talent development, regulatory framework, and sustainable practices. In total, the construction of SHIB is expected to cost between $1.3 billion and $2.35 billion over a period of five to 10 years.
However, the proposal noted that the project’s outcomes could offset the cost. In the short term (1-2 years), SHIB is expected to create 5,000 jobs, inject around $500 million into the local economy, and attract over 100 blockchain startups to the hub.
The benefits are expected to multiply in the long run, with SHIB expected to become a self-sustaining ecosystem contributing over $5 billion to the economy annually. Other economic benefits include $500 million in annual tax revenues for governments at all levels and attracting billions of dollars in private sector investment.
Additionally, the center is expected to pioneer the development of blockchain technology and enhance national security through the implementation of blockchain technology solutions while helping the United States maintain global leadership in the technology. With all these benefits, Kusama believes it is imperative for the US authorities to invest in such projects to gain a strategic advantage in blockchain technology.
Trump video announcing plans to build 10 new cities resurfaces on X
Kusama’s comments about his proposal come in response to a video of Donald Trump circulating on X (formerly Twitter). In the video, Trump promised to create ten new cities for free as part of his agenda to improve the standard of living of Americans. He noted that the US government owns about a third of the land area of the US and that most of it is unused. Building cities of freedom could be a way to use that land for the benefit of its citizens.
He said:
“We will actually build new cities in our country again. These freedom cities will reopen the borders, reignite the American imagination and give hundreds of thousands of young people and other people, all hardworking families, a new chance at homeownership and, in fact, the American dream.”
While most who viewed the video on X, including Kusama, believe the president-elect revealed this plan after winning the race, the video is much older, having first been posted by Trump on Truth Social in March 2023.
However, the video’s content still appears to be in line with Trump’s goal. The president-elect cited the need for the United States to remain technologically ahead of China by taking the lead in developing vertical takeoff and landing vehicles (flying cars) while reclaiming its dominance in manufacturing.
Shiba Inu surges over 30% in 24 hours as Bitcoin price tops $80K
Meanwhile, Shiba Inu (SHIB) has seen a massive gain in the last 24 hours, surging 37% to $0.00002608. Its price surge comes amid a general surge in cryptocurrency values, with Bitcoin hitting $80,000 for the first time. However, Shiba Inu’s performance is an anomaly, according to CoinMarketCap.
Over the past 24 hours, it was the second-best performing crypto asset among major altcoins, behind only Cardano’s ADA, which is up around 40%. There are no clear reasons for SHIB’s performance, but SHIB and ADA have struggled all year compared to major altcoins. Therefore, the rally may be due to investors believing they are undervalued.
SHIB has now joined DOGE as one of the top ten cryptocurrencies by market cap and has seen a trading volume of $4 billion in the last 24 hours, highlighting investor interest. SHIB is up 147% year-to-date.
