The U.S. has said it will take the necessary steps to keep pace with Chinas’ competition on innovation—and with China ready to announce its digital yuan currency, the U.S. could profit by adopting a similar narrative about bitcoin and blockchain as Chinas President did some months ago.
A week ago, it was accounted for by Reuters that President Trump organization will make a big announcement about spending in Tech fields like AI and quantum research in order to keep with Chinas advancements in technology.
The project aims to build a trading platform and is supported, among others by billionaire VC fund Tim Draper.
Michael Kratsios, White House Chief Technology Officer revealed to Reuters that spending will “ensure America continues to lead the world in critical technologies like AI and quantum. America’s economic strength and national security depend on it.”
The budget is expected to be 2 billion for AI research and $860 million for quantum research.
Meanwhile, in China, The People’s Bank of China is working to launch the digital yuan however there is no fixed date for its launch, despite many think that this will happen soon. A central bank-issued digital currency would give China a better position internationally challenging the global US dollar dominance. Interest in blockchain has exploded in China after President Xi comments about blockchain.
Fearing to be left behind the Federal Reserve chairman Jerome Powell said that they are exploring the idea of a central bank digital currency calculating costs and benefits this may have, sending a letter to the lawmakers on the purpose.
With the race to issue central bank digital currencies the narrative growing louder in the US. Christopher Giancarlo, the ex-Trump admin who declared that they poped the 2017 bitcoin bubble recently launched a foundation whose work is to design the framework for the digital dollar.
The last summer during Facebook’s Libra discussions Trump bashed bitcoin in a Tweet pointing to the unregulated nature on the asset and the potential to be used by criminals.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Bitcoin price has failed to return to the 2017 ATH but it is up more than 40% this year with the halving bost and potential https://7bitcoins.com/3-factors-that-will-cause-the-bitcoin-price-rally-in-2020/economic and geopolitical events that are expected to fuel the next bitcoin rally.
It is uncertain if the US will use the same narrative as China about blockchain the bitcoin technology, however, China was successful with that making headlines for several weeks when President Xi said that they will be prioritizing blockchain development.
“Blockchain is the technology of the future,” said Simon Peters, Specialist at eToro.
“One question that needs to be posed is whether we have the capabilities and skills to cope with the inevitable increase in demand of highly technical roles,” Peters stated, including, “blockchain engineer jobs were the most popular vacancies on LinkedIn over the past week, more so than roles in artificial intelligence and cybersecurity.”