As a seasoned researcher with a keen eye for economic trends and a knack for deciphering the impact of political events, I find the recent development surrounding the Department of Government Efficiency (DOGE) under the leadership of Elon Musk and Vivek Ramaswamy intriguing. Having closely followed the evolution of the crypto market, I can’t help but notice the irony in the acronymic similarity between this new department and Dogecoin (DOGE), a meme-inspired cryptocurrency that has gained significant popularity.
According to Coinbase CEO Brian Armstrong, he feels optimistic about the recently established Department of Government Efficiency (DOGE), led by tech moguls Elon Musk and Vivek Ramaswamy.
On August 20th, President-elect Donald Trump proposed the notion of inviting Elon Musk to join his Cabinet or providing him with an advisory position starting from January 2025. At that time, it was not clear which government department Trump intended for Musk, the CEO of Tesla, to oversee.
On November 13, Trump designated Elon Musk and Ramesh Ramaswamy to head a novel government entity aimed at enhancing productivity through decreasing federal expenditure and deregulation. Doge’s role will involve trimming unnecessary regulations, curtailing excessive spending, and reorganizing federal agencies.
In the meantime, Armstrong believes that the establishment of this new government body presents a chance for our nation to enhance its financial independence.
Coinbase CEO thinks “DOGE” can increase economic freedom
On November 17th, a representative from Coinbase expressed on their platform that the establishment of the new division signifies a chance to bolster financial autonomy within the United States and steer the government towards its original purpose. In simpler terms, Armstrong penned down his thoughts stating that this new department could potentially enhance economic freedom in the U.S. and help bring the government back on track with its intended role.
“The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff).”
The head of Coinbase proposes that to prevent future financial problems, the country might need to revise its constitution to cap overall government spending at around 10%. Additionally, this executive emphasized the importance of establishing appropriate motivations for spending, to ensure it doesn’t escalate uncontrollably in the long run.
The executive proposed an innovative concept – establishing a national sovereign wealth fund in the U.S., where every citizen would receive a portion of ownership. This way, any budget surpluses could be distributed as dividends among the shareholders. As Armstrong put it, “Each citizen becomes invested in this endeavor. Perhaps Congress might hold a slightly larger share.
Dogecoin’s price surge after presidential elections
As a researcher, I must clarify that while there is an acronym shared between my department’s name and the ticker symbol of Dogecoin (DOGE), it’s essential to emphasize that our work bears no connection whatsoever to the popular memecoin. Our focus remains on the tasks assigned to our department, distinct from any financial or cryptocurrency endeavors associated with DOGE.
In spite of this, the Dogecoin digital coin showed robust performance following the U.S. elections and the establishment of an organization bearing a comparable title. The very next day after Musk’s tweet about the government agency, Dogecoin peaked at $0.39 for the year before experiencing a minor correction.
Musk has been accused of manipulating Dogecoin prices in 2022 but has recently beaten the lawsuit.
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2024-11-17 11:02