This is the first installment of our brand new summer learning series: Fast and Curious. We’re summarizing key insights from our most popular private speaking events at Harvard, MIT, and elsewhere. For fans of our Blockchain Unboxed event, this video follows up on the connection between blockchain and domestic policy. Follow VIA to learn all about zero-knowledge proofs, public policy, and Web3 in the next few weeks.
Below is a transcript of the “Blockchain and Domestic Policy” video:
Welcome everyone to Fast and Curious with VIA. It may seem like an odd confluence of events, but actually the area of Web3 and blockchain impacting and being impacted by domestic policy and foreign policy is of high national importance and we’re going to spend one minute today to bring you up to speed on why that’s the case.
So first, let’s have a look at some companies. Let’s rewind the clock to 2011. And if you were to look at December 2011 and a list – thank you Wikipedia – of the largest companies by market capitalization on the planet, there are some observations to make about this list from 2011.
One observation is there’s a mix of countries. The United States is on this list, but you also have China and you’ve got Australia and Royal Dutch Shell, which is an Anglo-Dutch company.
Second observation is you’ll see commodities, right? So you’ll see the world of energy playing a big role. But energy more like oil and gas. Natural resources are really what’s driving this list from a big part, not exclusively, but from a big part.
Now, fast forward ten years, right? And let’s look at the list from 2021. In December 2021, when you look at that list, what’s the observation? Well, compare and contrast. Number one, a lot more American companies on this list. Eight out of ten of the companies are from the United States.
And number two, tech kind of plays the leading role here. Everybody basically on this list, even Taiwan Semiconductor or, you know, you could argue Berkshire Hathaway is not a tech company, it’s a financial services company. It is an investment firm, but who are some of the biggest stocks that they own? They own Apple, number one of that list. They own Microsoft, number two on that list. They own Amazon, number four on that list. So in a way, it’s an investor of some of the other companies higher up.
So the thing we’re seeing here is from a domestic policy standpoint, if you want to be elected and you want to be reelected, then one of the fabulous most easiest ways to do that is jobs. Create a strong economy. And the evidence shows that technology is a driver of high quality, high paying jobs. And how do you get more people employed? Well you make sure that there are technology jobs available here in the United States.
And so this is one reason that you’re seeing the United States focus in this area around things like blockchain and Web3, because 25 years ago, 25 or 30 years ago, you might not have picked the Internet or high technology as the biggest places where jobs are going to be created. But now that’s where wealth creation is happening. The result is the United States thinks ten, 15, 20, 25 years ahead of time. And with that perspective, an investment in things like Web3 and blockchain are inevitable because from a defensive perspective, you don’t want to miss out on this opportunity and have those jobs go elsewhere, have some other country become the main provider of that industry. And you want to be able to provide here domestically good things like high paying wages to people right here at home.
Our summary here is that the U.S. has leaped ahead in the economic league tables with the help of tech companies. U.S. investment in technologies like Web3 and blockchain are in the best interest for the long-term health of the U.S. economy.
In our next segment of Fast Curious, we’ll look at blockchain and foreign policy.