elon musk dashes hopes of dogecoin joining the us department of efficiency (doge), stating there are no plans for the department to utilize cryptocurrency.
Speaking at a town hall in Green Bay, Wisconsin, Musk dismissed speculation that the department would adopt Dogecoin or any other cryptocurrency. He confirmed, "The government has no plans to use Dogecoin, or anything."
He also revealed the initial name for the department was "Government Efficiency Committee," but this was deemed too dull. The internet suggested "Department of Efficiency," and Musk agreed, leading to the current name.
?Elon Musk: "The government generally has no plans for Doge or anything. I called it the Government Efficiency Committee, but that's a super boring name. Then the internet said it needs to be the Department of Efficiency. And I was like, the internet is right." #elonmusk #dogecoin #DogeCoin
This statement follows February's brief appearance of a Dogecoin logo on the department's website, alongside its Shiba Inu mascot. This since-removed image sparked rumors of a Dogecoin partnership, briefly boosting Dogecoin's price by 14% and its market capitalization to $58 billion. However, Musk's clarification has had a minimal impact on the market.
Dogecoin is currently down 3.3% in the past 24 hours, trading at $0.1654, reflecting a broader market trend.
The Department of Efficiency, established in August 2024, is a key component of President Trump's plan to cut spending and reduce bureaucracy. Since its official launch in January, it claims to have saved taxpayers $130 billion, or $840 per household, through budget cuts, job eliminations, and program consolidations.
However, its actions have been controversial, resulting in multiple lawsuits from advocacy groups and lawmakers challenging its cost-cutting measures. The agency's actions have particularly impacted organizations like USAID, CFPB, and SSA, while programs focused on climate change, scientific research, and diversity have also been reduced.
Musk's role within the DOGE is also a point of contention. While the White House maintains he's a senior advisor with no policymaking authority, Trump has publicly referred to him as the department's leader. Musk himself claims he receives no compensation for his involvement.
The Department of Efficiency currently faces legal challenges to its cost-cutting measures. Critics argue its restructuring efforts are undermining essential public services, while supporters view it as a necessary step towards improving government efficiency. Despite the name, Dogecoin remains unconnected to the department, as Musk has explicitly stated.
