- The Department of Government Efficiency (DOGE) aims to streamline operations, cut spending, and restructure agencies.
- Coinbase CEO Brian Armstrong supports the initiative, proposing constitutional amendments to cap government spending.
- Dogecoin saw a surge to $0.42 following the announcement, despite no ties to the agency.
Brian Armstrong, CEO of Coinbase, has expressed strong support for the United States’ newly announced Department of Government Efficiency (DOGE). Tasked with reducing waste, cutting regulations, and streamlining federal operations, the agency will be headed by Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy.
Efforts to Increase Economic Freedom
The creation of DOGE was formally announced on November 13 by President-elect Donald Trump, who had previously hinted at bringing Musk into a government role. Armstrong took to social media, endorsing the initiative as a potential catalyst for boosting economic freedom and restoring government efficiency.
Armstrong proposed significant constitutional reforms, including capping federal spending at 10% of GDP to limit long-term budget growth. He argued that democratic systems often incentivize unsustainable spending, which could be mitigated by rethinking fiscal policies.
Additionally, Armstrong suggested a sovereign wealth fund in which every American citizen could hold shares, allowing budget surpluses to generate dividends for the population. He noted that such a system would align public interest with fiscal responsibility.
Source: Brian Armstrong
Dogecoin Gains Unrelated to New Department
Although the agency’s acronym shares similarities with the cryptocurrency Dogecoin (DOGE), there is no formal connection. Nonetheless, Dogecoin experienced a significant price rally, reaching a yearly high of $0.39 before correcting slightly.
The price increase followed public interest and speculation after Musk commented on DOGE’s establishment. Despite the rally, analysts clarified that the surge was likely unrelated to the agency’s operations or objectives.
The Department of Government Efficiency will formally begin operations in January 2025, marking a bold move to reform U.S. federal governance while sparking debate on its economic implications.
