So Donald Trump has come out unequivocally in support of Bitcoin, with less than 40 days to go until his Presidency accedes.
Big question – Is this just about Bitcoin?
Maybe it is something he considers much bigger. A new version of MAGA – ‘Make America Great Again’. There is a not too old saying, that the REAL wars of today are not fought with guns and planes and tanks. These things are only occasional symptoms of the bigger war.
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The biggest war is in global economics.
Every day, war or none, another symptom of this big global economic war is afoot. This is in the size and trade nature of ports.
China has 8 of the top 15 global ports by capacity. That’s even if considering Hong Kong separately. Shanghai is the biggest at 49.16 million TEU (2023 figures). No other nation has more than one.
Others in the top 15 are Singapore (Rank 2), South Korea (Rank 6), Hong Kong (8), Netherlands (10), UAE (11), Malaysia (12), and Belgium (14).
The United States doesn’t even have one.
Over the years, many nations have retained global leadership in the ‘Economic Balance’, by creating a wealth dynamic away from low value to volume ratio extraction goods, increasingly ramping up the value to volume ratio in what they offer the world, while importing low value from other nations.
We had the advent of computers and the rise of ‘Silicon Valley’
As nations began to exhaust their own natural resources, they looked for novel ways to stay on top of the economic pyramid.
Then ‘Revenue Machines’ which required no raw material at all arose – Global accountancy firms, (EY, Deloitte, PwC, and KPMG); and the traditional strategy consulting firms (McKinsey, BCG, and Bain).
As sovereign agitation began in oil rich countries globally, big oil extractors pivoted away from extraction towards consultant and engineering services.
Scotland was once the hub of Northern Hemisphere O&G outside of Texas, but long after North Sea Oil and Gas dried up, Aberdeen had become the O&G recruitment capital of the world – 1990 – 2010 about.
Extractive industry nations that do not keep value in house and fail to export only finished goods become impoverished. With the advent of EV, the baton for the demise of some oil producers of the past, has been passed to the Lithium producers of the present – case in point, Democratic Republic of Congo.
But the models of Aberdeen, Extractive Consultancy by Oil Majors, the EYs’ KPMGs’ and McKinseys’ of this world have an impediment to the logical scaling of business to retain the apex of the value pyramid.
They still require a significant number of people.
We’ve had our affair with AI for a while, but with the ascension of Donald Trump to The White House, the marriage with cryptocurrency is reasserting its influence.
A new top of the value pyramid is in town which scales like a mathematical curve with the ratio of value/volume heading towards infinity. Bitcoin is only the top of an iceberg with a whole ecosystem of different types of virtually tokenized goods and services.
Donald Trump and Bitcoin are just the start of a journey which is absolutely nowhere near its end.
The question is, how are other nations going to respond and outflank this shift of value centre?
The ‘Space Race’ expired with the last millennium and a new race has begun. The EU seems to have decided to be doomed before beginning, with overburdening regulation, and a belligerent pursuit of the dedicated enemy of the whole web3 and cryptospectrum – a CBDC in the form of the Digital Euro.
The Global South has particular challenges, with no complete local/regional circular economies of the sector. Capacity is in excess in some aspects of the ‘circle’ and absent in many.
This forces available individuals to seek inroads to local/regional circular economies elsewhere in the world, but, who will offer opportunities to those in their own circular economy first.
This is normal for the trajectory of any new sector with only a few years to grow rather than many decades or even centuries. The US based blockchain/web3 circular economy is more likely to behave more insular than any other under Trump, and this one is the biggest and most robust by far.
BRICS seems to be travelling more down a CBDC type structure rather than embracing this virtual ecosystem.
Will China bring their own separate response? Much will begin on 20 January 2025.
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