• Matt Smith, an operations officer for the US Air Force and assistant professor of aerospace studies at the University of Nebraska-Lincoln, argues that countries will not ban Bitcoin, but instead compete for it due to its rarity and potential economic primacy.
• The October 2022 National Security Strategy outlines how the US aims to outmaneuver its geopolitical competitors, tackle shared challenges, and build a brighter future.
• Smith emphasizes that it is essential for the US to stay ahead of the competition and not make any missteps with its strategic interests in order to remain influential on the world stage.
As the world’s most competitive nations increasingly look to de-dollarize the global economy and replace it with an economy based on real assets and hard valuables, the race for Bitcoin accumulation is quickly emerging as the latest battleground. With its relative rarity and the potential for economic dominance that comes with a larger fraction of the 21 million Bitcoin in circulation, countries are now actively competing for a larger share of the cryptocurrency.
The US government has taken notice of this trend and has responded with its October 2022 National Security Strategy (NSS). This document outlines the US’s goals for the coming decade, including outmaneuvering its geopolitical competitors, tackling shared challenges, and setting the world on a path towards a brighter future. The NSS emphasizes the importance of the US staying ahead of the competition and not making any missteps that might damage its strategic interests and global influence.
In order to do this, Matt Smith, an operations officer for the US Air Force and assistant professor of aerospace studies at the University of Nebraska-Lincoln, suggests that the US must take proactive steps to ensure that it is able to compete in the global Bitcoin market. Smith argues that while countries will not ban Bitcoin, they will aggressively compete for it and those with larger fractions of 21 million will have greater strategic and economic primacy than their geopolitical competitors. He further suggests that the US must stay ahead of the competition and carefully manage its strategic interests to remain influential on the world stage.
Ultimately, the race for Bitcoin accumulation is an important issue to consider as countries around the world look to de-dollarize the global economy and gain economic primacy. With the US’s October 2022 National Security Strategy emphasizing the importance of staying ahead of the competition, it is essential for the US to strategize and carefully manage its interests in order to remain influential on the world stage.