Coinbase CEO Brian Armstrong has announced his support for the newly established Department of Government Efficiency (DOGE), which will be headed by Elon Musk and Vivek Ramaswamy. Created by US President-elect Donald Trump to reduce federal spending and eliminate regulations, this department is seen as an important step for both economic freedom and government restructuring. While the abbreviation DOGE is reminiscent of the famous meme coin Dogecoin, this similarity in name has also made its impact felt on the market. Armstrong, on the other hand, sees this new structure as a great opportunity to shape the future of the country’s economy. Coinbase CEO Brian Armstrong has shown a positive approach to the newly established Department of Government Efficiency (DOGE), which will be headed by Elon Musk and Vivek Ramaswamy.
Trump proposed adding Elon Musk to his cabinet
On August 20, US President-elect Donald Trump expressed the idea of including Elon Musk in the Cabinet or giving him an advisory role starting in January 2025. At the time, Trump didn’t say exactly which department he would put the Tesla CEO in. On November 13, Trump named Musk and Ramaswamy to head a new government agency focused on increasing efficiency by reducing federal spending and cutting regulations. DOGE will eliminate unnecessary regulations, reduce waste, and restructure federal agencies. Armstrong, meanwhile, sees the new government agency as an opportunity to increase the country’s economic freedom.
On November 17, the Coinbase CEO shared on X that the new department offers an opportunity to increase economic freedom and reorganize government in the US. Armstrong said:
The founding fathers were geniuses, but (in modesty) they may not have foreseen the perverse incentives that lead to democratic government over time (like winning elections by promising more free stuff).
Suggestions from Coinbase CEO
The Coinbase CEO stated that in order to solve this problem for the future, the country should amend its constitution to limit total government spending, and he suggested this rate to be 10%. He also said that it is important to create the right incentives for government spending and to ensure that it does not “get completely out of control” in the long run. The CEO also raised the idea of creating a sovereign wealth fund in which every US citizen would have a share. In this system, budget surpluses could be distributed to shareholders as dividends. “Every citizen would have a say in the game. Maybe Congress would get a little bit more of a share,” Armstrong said.
Meme coin DOGE on the agenda
Although the abbreviation for the government department is similar to the symbol of Dogecoin (DOGE), there is no connection between this department and memecoin. Despite this, Dogecoin’s performance increased following the US elections and the establishment of a government agency with this name. A day after Musk’s post about the government agency, Dogecoin reached its yearly high of $0.39, after which it slightly corrected. Musk was accused of manipulating Dogecoin prices in 2022, but he recently won the case.
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