Shiba Inu developer Shytoshi Kusama has proposed the establishment of a Strategic Hub for Innovation in Blockchain (SHIB) in the US as a Silicon Valley for the blockchain industry. In a post on X, Kusama noted that his proposal aligns with Donald Trump’s plan to build 10 new tech-focused cities.
According to the Kusama proposal, published on November 5, establishing a blockchain hub in one of the US cities may be costly in the short term, but it would have long-term economic and geopolitical benefits for the country.
He wrote:
“By leveraging blockchain’s transformative potential, this S.H.I.B. initiative aims to stimulate economic growth, create high-quality jobs, enhance national security, and reinforce the United States’ leadership in emerging technologies.”
The proposal explained how a city would be established through infrastructure development, economic incentives, talent development, regulatory framework, and sustainable practices. In total, it is estimated that establishing the SHIB over a 5 – 10-year period would cost between $1.3 billion and $2.35 billion.
However, the proposal noted that the project’s outcomes could offset the cost. In the short term (1-2 years), the SHIB is projected to create 5,000 jobs, inject about $500 million into the local economy, and attract over 100 blockchain startups to the Hub.
The benefits are expected to multiply in the long term, with the SHIB projected to become a self-sustaining ecosystem contributing more than $5 billion to the economy annually. Other economic benefits include an annual $500 million in tax revenues for governments across all levels and the attraction of multibillion-dollar investments from private sectors.
Additionally, the Hub is projected to pioneer blockchain advancements and boost national security by implementing blockchain solutions while helping the US maintain global leadership in technology. With all these benefits, Kusama believes it is essential for US authorities to invest in such projects to gain a strategic advantage in blockchain technology.
Trump’s video stating 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 free of charge as part of his agenda to increase Americans’ standard of living. He noted that the US government owns about one-third of the US landmass and has not used most of it. Building freedom cities could be a way to utilize these lands to the benefit of its citizens.
He said:
“We’ll actually build new cities in our country again. These freedom cities will reopen the frontier, reignite American imagination and give hundreds of thousands of young people and other people, all hard-working families, a new shot at home ownership, and, in fact, the American dream.”
While most of those who saw the video on X, including Kusama, believe the president-elect revealed this plan after winning the race, the video is much older as Trump first posted it on Truth Social in March 2023.
Still, the video’s content appears to still align with Trump’s goal. The president-elect mentioned the need for the US to remain technologically superior to China by taking the lead in developing vertical takeoff and landing vehicles (flying cars) while also regaining manufacturing dominance.
Shiba Inu rise over 30% in 24 hours as Bitcoin crosses $80k
Meanwhile, Shiba Inu (SHIB) has seen a massive gain in the last 24 hours, surging 37% to $0.00002608. The surge in its price comes amidst a general rise in the value of cryptocurrencies, with Bitcoin hitting $80,000 for the first time. Still, SHIB’s performance represents an outlier, according to CoinMarketCap.
Over the last 24 hours, it has been the second-best-performing crypto asset among the major cap altcoins, behind only Cardano ADA, which rose by almost 40%. There are no clear reasons for SHIB’s performance, but both SHIB and ADA have struggled throughout the year compared to major altcoins. Thus, the resurgence might be due to investors believing they are undervalued.
SHIB has now joined DOGE as one of the top ten crypto by market cap companies and has seen a trading volume reach $4 billion in the last 24 hours, highlighting investors’ interest. SHIB is up 147% year-to-date.
