- Industry leaders display varied views on D.O.G.E.
- Dogecoin has posted double-digit gains over the past week.
As a seasoned researcher with years of experience navigating the tumultuous waters of economic policy and cryptocurrency markets, I find myself intrigued by the emergence of D.O.G.E – both the department and the cryptocurrency.
Only a few days after its launch, the Department of Government Efficiency (DOGE) has sparked intense discussion and debate among many.
Previously, it was reported that President-elect Donald Trump selected Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy to lead this particular project.
Recently, Coinbase CEO Brian Armstrong has voiced his firm backing for the cryptocurrency DOGE, joining other influential figures in the sector who have also endorsed it.
Armstrong’s vision for a leaner government
In a post on X [formerly Twitter], Armstrong described D.O.G.E as,
An exceptional chance to boost economic liberty in the United States, while reducing the scope of government to a manageable level.
In line with his ideas, the executive suggested methods for maintaining responsible government budgeting. These included proposing a change in the constitution that limits annual government spending to 10%, as well as adjusting incentives to discourage excessive spending.
Additionally, Armstrong proposed creative approaches such as establishing a national U.S. investment fund where every citizen holds shares and collects dividends derived from excess government budgets.
Such a system, he argued, would give citizens and lawmakers a personal stake in financial prudence, ensuring the economy stays robust over time.
Schiff: Not a fan of D.O.G.E
Nonetheless, the creation of D.O.G.E has faced opposition from some quarters. Notably, Peter Schiff, a renowned Economist and Global Strategist at Europac, has expressed doubts about X, arguing strongly against it.
DOGE doesn’t represent a legitimate department within the government. Instead, it operates independently without any official power or ability to take action.
Schiff discarded the proposal as similar to current standalone research institutions, implying that its suggestions could potentially lack the necessary support from lawmakers.
In his opinion, while it’s possible that the Trump administration might support DOGE’s suggestions, he believes it’s highly improbable that these proposals will be passed by Congress.
Additionally, Schiff expressed wider apprehensions regarding the effectiveness and purpose behind Trump’s plan, likening it to Project 2025 in his observations.
During his 2024 campaign critique, he raised doubts about Trump’s commitment to the project, expressing concerns about whether Trump’s proposal, referred to as D.O.G.E, would be feasible or sustainable.
“Why would the recommendations made by #DOGE be any different?”
To clarify, Project 2025 is a traditional roadmap devised by the Heritage Foundation. This document serves as a guide for prospective Republican administrations, proposing policies in areas such as immigration, health care, education, and societal matters.
How is Dogecoin doing?
In the midst of discussions about D.O.G.E, or Dogecoin [DOGE], it’s worth noting that this digital currency has shown significant progress in terms of its market value.
Currently, it was being transacted at $0.37. This represented a 5% rise in the last 24 hours and a significant leap of 27% during the previous week, as per CoinMarketCap’s data.
However, Santiment data showed a 2.18% decline in social volume.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
Additionally, there appears to be a decrease of around 24% in daily active Dogecoin wallets over the past day, which could indicate a possible decline in investor excitement.
Discussions concerning the Department of Government Efficiency have become more intense, yet its future is still unclear. Advocates argue for its possible benefits, while opponents raise doubts about its validity and effectiveness.
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2024-11-18 15:04