11 November 2024
A meme coin developer is pushing for an ambitious plan of establishing a new American metropolis, similar to Silicon Valley, that is designed solely for the blockchain industry. Shiba Inu creator Shytoshi Kusama is urging the Donald Trump administration to consider the idea of a hub devoted to blockchain innovators and entrepreneurs.
Shiba Inu City: An Ambitious Plan
In a post, Kusama puts forward his audacious proposal to create the blockchain version of Silicon Valley to allow the blockchain ecosystem to thrive.
Kusama called the new city the Strategic Hub for Innovation in Blockchain (S.H.I.B), which he claimed is aligned with Trump’s vision of establishing new technology-centered American cities.
Well, would you look at that. Guess my S.H.I.B. proposal was ahead of its time… BY LESS THAN A WEEK. ICYMI https://t.co/pjUBcjgZJ3
A threadhttps://t.co/p8wRKhxThh
— Shytoshi Kusama
(@ShytoshiKusama) November 9, 2024
In 2023, Trump announced that once he got elected as US president, he will build 10 cities on federal land. He said these will be called “freedom cities”. These new US cities, he pointed out, would give the country a “new American future” after the nation, according to him, has “lost its boldness.”
With Trump emerging victorious in the US election, the Shiba Inu creator saw this as an excellent opportunity to push for his proposed blockchain hub.
Cost Effective
Kusama agrees that transforming one of the American cities and making it a hub for the blockchain industry would be expensive in the short term.
The meme coin developer said that establishing the SHIB would cost the US government around $1.3 billion to $2.35 billion and would require five to 10 years to build.
However, he noted that the Trump administration should not focus on the short-term expenses but on the long-term economic and geopolitical benefits it will bring to the country.
He said that SHIB’s outcomes would offset the cost of building it, explaining that in one to two years, he predicts that the blockchain hub would create 5,000 jobs.
The crypto developer added that the project could bring around $500 million into the local economy. It would also attract more than 100 blockchain startups to establish their business in the hub.
Kusama said:
“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.”
A Strategic Investment
Kusama sees S.H.I.B. as a project that is transformative for the country, saying that it is a step to allow the US to clinch a strategic advantage in blockchain technology.
He predicted that the hub would become a self-sustaining ecosystem that could bring over $5 billion to the US economy every year, adding that it would also bring $500 million in tax revenues annually.
The crypto market responded favorably to the plan, pushing SHIB price to hit the $0.00002727 mark — a 23% increase in 24 hours.
Kusama believes that the project is a “strategic investment” essential for the country’s future since the proposal would generate significant economic returns and would make the country the leader in blockchain technology.
“With the President’s support, we can embark on this transformative journey, ensuring prosperity and security for generations to come,” he concluded.
Featured image from MDogsW, chart from TradingView