Billionaire Elon Musk and former US presidential candidate Vivek Ramaswami will head the new Department of Government Efficiency (DOGE).
President Donald J. Trump announces the Department of Government Efficiency (DOGE) — headed by @elonmusk and @VivekGRamaswamy pic.twitter.com/Ya2o45qlV8
— Trump War Room (@TrumpWarRoom) November 13, 2024
His task will be to reform the government to reduce administrative costs and fight bureaucracy. DOGE will take an “entrepreneurial approach” and offer a fresh perspective on how the US government operates.
To achieve this, some government agencies will be abolished, while others will have their staff reduced. The necessary reforms were promised to be carried out before July 4, 2026 – the 250th anniversary of the declaration of US independence.
The idea of creating DOGE was first voiced in August during an interview between Musk and Donald Trump. The entrepreneur offered himself as the head of a special department to optimize the government; at that time, a US presidential candidate supported the initiative.
Soon Musk published an image of himself behind a podium with the words Department of Government Efficiency and the acronym DOGE In the commentary, the billionaire wrote, “Ready to serve.”
Both DOGE leaders have proven themselves to be opponents of government regulations. Ramaswamy opposed the implementation of CBDC and condemned the government for sanctions against the cryptomixer Tornado Cash.
Musk has repeatedly pumped up Dogecoin and called the meme coin his “favorite cryptocurrency.” After Trump’s victory, he supported Senator Mike Lee’s call to abolish Fed. The billionaire is also known for radical cost-cutting measures in the companies he controls.
According to Musk, staff cuts and process revisions will cut the state budget by $2 trillion (almost a third of the current $6.5 trillion). Experts believe that this is too optimistic a forecast, and reducing the budget by even $200 billion would already be a serious achievement.
Despite Musk’s involvement and the parallels between the DOGE acronym and ticker, news of the appointment of heads of the new department did not have a noticeable effect on the market.
The dog meme coin, whose price received a significant boost amid the US presidential election, on the contrary, slowed down its growth rate. At the time of publication, the coin is trading around $0.37 after peaking at $0.43.
Earlier, the price of Dogecoin jumped by 51% in one day, hitting a three-year historical high.
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Source: Cryptocurrency
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