- November 13, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
US President-elect Donald Trump has appointed two prominent crypto supporters—tech mogul Elon Musk and former Republican presidential candidate Vivek Ramaswamy—to lead a new initiative, the Department of Government Efficiency (DOGE).
On Nov. 13, Trump announced on his Truth Social platform that he aims to eliminate government inefficiencies, slash excess regulations, and streamline federal spending through DOGE. The Republican likened DOGE’s mission to the World War II-era Manhattan Project, describing it as a core part of his “Save America” campaign.
DOGE
DOGE’s primary goal is to significantly reduce the “waste and fraud” in the US government’s $6.5 trillion annual budget. The department is expected to operate independently. However, it will extensively collaborate with the White House and the Office of Management and Budget to guide structural reforms.
Trump expressed confidence in the impact of this initiative, envisioning “a smaller, more efficient government with reduced bureaucracy” by July 4, 2026. Interestingly, this date coincides with the 250th anniversary of the US Declaration of Independence.
Musk and Ramaswamy—both staunch Trump supporters—bring a unique perspective to the initiative. Musk publicly backed Trump’s campaign, appearing at rallies, while Ramaswamy endorsed Trump after exiting the presidential race. Both have been strong advocates for crypto, underscoring their forward-thinking approach to government reform.
Public involvement
In a Nov. 13 statement on X, Musk committed to transparent operations, promising that DOGE will post all updates online to allow public feedback. He stated:
“Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!”
The X owner added that DOGE plans to launch a leaderboard highlighting the “most absurdly wasteful government expenditures”—a feature he anticipates will be enlightening and entertaining.
Echoing this sentiment, Ramaswamy shared that DOGE will soon invite public submissions on examples of government waste and misuse. He said:
“Americans voted for substantial reform, and they deserve to play a role in achieving it.”
Dogecoin price
Trump’s choice to name the department DOGE sparked a wave of enthusiasm among Dogecoin supporters, given the meme crypto’s cultural resonance.
Despite the excitement, Dogecoin’s price fell 10% after a recent upswing that pushed its value to a three-year high. According to CryptoSlate’s data, the memecoin was trading for $0.37 as of press time.
Meanwhile, market observers believe Musk’s involvement with DOGE may bode well for the memecoin, considering his strong support for the asset and the impending bull market run.
The post Donald Trump taps Elon Musk, Vivek Ramaswamy for new Department of Government Efficiency (DOGE) initiative appeared first on CryptoSlate.
