Elon Musk and biotech founder Vivek Ramaswamy will co-lead the newly formed Department of Government Efficiency (D.O.G.E.) under President-elect Donald Trump, aiming to reduce government spending and improve efficiency. Announced shortly after Trump’s reelection, D.O.G.E. is expected to be a transformative project, with a mission to streamline federal operations, dubbed by Trump as “potentially the Manhattan Project of our time.”
Trump shared this plan on Truth Social, highlighting that D.O.G.E. will spearhead the “Save America Movement” to tackle the $6.5 trillion in government expenditures. He expressed that Musk and Ramaswamy would work toward creating “a smaller government with more efficiency and less bureaucracy” by July 4, 2026, aligning with the 250th anniversary of the Declaration of Independence.
Musk, known for his criticisms of bureaucratic inefficiency, eagerly supported the announcement, adding that the initiative would be a shock to “those involved in Government waste.” Reposting Trump’s message on X (formerly Twitter), Musk emphasized his opposition to bureaucracy with comments like, “Threat to democracy? Nope, a threat to BUREAUCRACY!”
The acronym D.O.G.E. resonated with fans of Dogecoin, the popular meme-based cryptocurrency often linked to Musk. Dogecoin’s (DOGE) value saw a 10% increase following Musk’s appointment, as speculation grew that he might integrate cryptocurrency into government projects or his business ventures. This speculation gained traction, especially after Musk hinted at reintroducing Dogecoin as a payment option for Tesla merchandise.
Ramaswamy, a former presidential contender, also voiced strong support for the project. He announced on X that he would withdraw from the Ohio Senate race to fully commit to D.O.G.E., allowing Ohio Governor Mike DeWine to appoint a successor to the Senate seat soon to be vacated by Vice President-elect J.D. Vance.
Despite the positive response, some analysts and officials voiced concerns. Economist Peter Schiff, a known Bitcoin skeptic, warned about potential limitations on D.O.G.E.’s mandate, reminding Musk and Ramaswamy that closing federal departments would still require Congressional approval. Schiff referenced previous efforts, such as Ronald Reagan’s unsuccessful attempts to eliminate the Department of Education, as examples of how challenging it can be to implement structural changes.
While Musk’s involvement in D.O.G.E. has ignited interest in Dogecoin, some analysts remain cautious. They point out that while Musk’s engagement often boosts short-term enthusiasm for the currency, long-term stability depends on actual economic applications. For now, however, Trump’s announcement has put D.O.G.E.—both the agency and the cryptocurrency—in the spotlight.
