Just days after its launch, the Department of Government Efficiency (D.O.G.E) has sparked intense discussions and disagreements.
Earlier, CryptoCrypto revealed that President-elect Donald Trump selected Elon Musk, the CEO of Tesla, and entrepreneur Vivek Ramaswamy to lead this new initiative.
Recently, Brian Armstrong, the CEO of Coinbase, shared his enthusiastic endorsement of D.O.G.E, joining a chorus of industry figures who support the concept.
Armstrong’s Vision for Streamlining Government Processes
In a message on X (formerly known as Twitter), Armstrong described D.O.G.E as,
“An extraordinary chance to enhance economic liberties in the United States and shrink government size for better fiscal health.”
Expanding on his vision, Armstrong suggested various strategies to maintain sustainable government spending, such as introducing a constitutional amendment limiting government expenses to 10% or establishing incentives to prevent overspending.
Armstrong also proposed innovative concepts like a U.S. sovereign wealth fund, where citizens would own shares and receive dividends from extra budget funds.
According to him, such a system would create a personal interest for citizens and policymakers in financial responsibility, ensuring long-term economic stability.
Schiff’s Disapproval of D.O.G.E
Nevertheless, the establishment of D.O.G.E has faced criticism. Peter Schiff, Chief Economist and Global Strategist at Europac, expressed doubt on X, stating,
“DOGE does not constitute a genuine government department. It operates independently and lacks the legal authority to execute any actions.”
Schiff compared D.O.G.E to existing independent think tanks, hinting that its proposals might lack proper legislative support.
He highlighted that even if the Trump administration endorsed D.O.G.E’s recommendations, Congress would still need to approve them—a scenario Schiff finds improbable.
Schiff also expressed concerns over the efficacy and purpose of Trump’s initiative, paralleling it to Project 2025.
Citing Trump’s minimal involvement in the project during the 2024 campaign, he questioned D.O.G.E’s feasibility, asking,
“How would the recommendations put forth by #DOGE differ in any way?”
For clarity, Project 2025 is a conservative policy framework developed by the Heritage Foundation, focusing on potential Republican administration policies like immigration reform, healthcare, education, and social issues.
What About Dogecoin’s Performance?
While debates continue over D.O.G.E, the cryptocurrency Dogecoin (DOGE) has been experiencing positive price movements.
Currently valued at $0.37, Dogecoin has risen by 5% in the last 24 hours and by 27% over the past week, according to CoinMarketCap.
However, Santiment data indicates a 2.18% decrease in social engagement.
Moreover, the number of active Dogecoin addresses dropped by 24% in the last day, hinting at a potential decline in investor interest.
As discussions regarding the Department of Government Efficiency escalate, its future remains uncertain, with proponents highlighting its promise and skeptics challenging its legitimacy and effectiveness.