Since the inauguration of Donald Trump as the 47th President of the United States, there has been a surge in discussions and reforms across the nation, particularly regarding cryptocurrency and blockchain technology.
Elon Musk’s Strategy to Reduce U.S. Expenditure
Against this backdrop, Elon Musk, now leading the Department of Government Efficiency (D.O.G.E), has revealed strategies to incorporate blockchain technology into federal procedures.
Reports indicate that the goal of this initiative is to improve transparency and responsibility while significantly reducing federal expenses.
As part of this endeavor, D.O.G.E. is investigating blockchain applications in data protection, financial transactions, and management of government assets.
However, during these advancements, former presidential contender and D.O.G.E. co-creator Vivek Ramaswamy declared his withdrawal from the project, stating his choice to prioritize his gubernatorial campaign in Ohio.
He expressed,
“I have faith that Elon and his team will achieve success in streamlining the government.”
On that note, the implementation of blockchain technology on the U.S. government’s scale poses unparalleled challenges.
Executives Express Opinions on D.O.G.E
Hence, if D.O.G.E. proceeds with the adoption of blockchain, the initiative would surpass any previous project in the private sector, generating considerable enthusiasm among leaders in the crypto industry.
Commenting on this, Binance founder Changpeng ‘CZ’ Zhao remarked,
“Governments worldwide should document all their expenditures on the blockchain, an immutable public record. The term ‘public spending’ carries significance.”
Joining the dialogue was Cardano [ADA] founder Charles Hoskinson, who said,
“I believe this calls for collaboration between Cardano, Bitcoin, and Midnight. Hey, Doge Master Elon Musk, get in touch with us. We are willing to do it pro bono.”
Musk Follows a Precedent
Intriguingly, Musk’s backing for government transparency driven by blockchain mirrors past political propositions, such as Robert F. Kennedy Jr.’s vision in 2024 to migrate the entire federal budget onto a blockchain.
“Every American citizen can scrutinize every budget item in the complete budget, at any time, round the clock. We will have 300 million pairs of eyes on our budget. If someone is spending $16,000 on a toilet seat, it will be public knowledge.”
This aligns with Musk’s current legal dispute with the U.S. Securities and Exchange Commission (SEC), which accused him of delaying the disclosure of his significant acquisition of Twitter shares in 2022.
The SEC alleged that this delay allowed Musk to purchase his shares at a lower cost, purportedly saving him $150 million.
In response, Musk stated,
“An utterly dysfunctional organization. They focus on matters like this while numerous actual crimes go unpunished.”
Impact on DOGE’s Value
Amidst these events, the D.O.G.E. launched its official website on January 21 and adopted the distinctive emblem of the world’s pioneering memecoin, Dogecoin [DOGE].
As anticipated, the unveiling triggered excitement in the crypto community, resulting in an 11% increase in Dogecoin’s value, pushing it to $0.38.
Although the initial surge subsided, the memecoin has remained stable, trading at $0.3537 with a 1.38% rise in the past 24 hours, according to CoinMarketCap.