Coinbase CEO Brian Armstrong expressed optimism about the newly established Department of Government Efficiency (DOGE), which will be led by billionaire Elon Musk and Vivek Ramaswamy. On Aug. 20, U.S. President-elect Donald Trump hinted at involving Musk in his Cabinet or offering him an advisory role beginning Jan. 2025. However, Trump didn’t clarify which department the Tesla CEO would join then.
On Nov. 13, Trump named Elon Musk and Vivek Ramaswamy to lead a new government agency to improve efficiency by streamlining federal operations. The initiative, dubbed DOGE, is set to eliminate unnecessary regulations, reduce wasteful spending, and overhaul federal agencies for better performance.
Meanwhile, Armstrong believes that creating a new government agency presents a chance for the country to boost its economic freedom. On Nov. 17, the Coinbase executive shared on X that this new department could help steer the government in the right direction and enhance economic opportunities in the US:
The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff).
Musk’s DOGE plan sparks Dogecoin surge
Coinbase CEO proposed that to address this issue in the long run, the country might need to revise its constitution to set a cap on government spending, suggesting a limit of 10%. He also emphasized that the government should have proper incentives to manage its spending, ensuring it doesn’t spiral out of control over time.
Although the government department shares a similar acronym with Dogecoin’s (DOGE) ticker, there is no connection between the two. Despite this, Dogecoin saw a boost after the US elections and the announcement of the new government agency.
A day after Elon Musk mentioned the agency, Dogecoin hit a yearly high of $0.39 before experiencing a small pullback. Musk faced accusations of manipulating Dogecoin prices back in 2022, but he has recently won the lawsuit.
