Caitlin Long, CEO of Custodia Bank, shared her recommendations to the Department of Government Efficiency (D.O.G.E) while Elon Musk proposed cutting the federal budget of the United States by at least $2 trillion. Musk attended an event at Madison Square Garden with about two dozen speakers, where he made his recommendations about D.O.G.E, coincidentally boosting the price of Dogecoin due to the acronym's association. Musk has previously made several statements about Dogecoin, delighting in such indirect messaging.
Immediate Action Required
After Musk's statement on October 28, Long emphasized the urgent need for D.O.G.E to act quickly. Musk expressed the government's goal of cutting spending during Trump's rally. Long stressed the importance of monitoring regulations that pressure federal employees and businesses.
Long stated that regulatory abuse is surprising and explained why the Department of Government Efficiency needs to act quickly. She also pointed out that the government miscalculates spending relative to GDP.
$DOGE Price Increase
The price of DOGE has increased by over 4% in the last 24 hours, currently trading at $0.143. The low and high prices recorded in the last 24 hours were $0.136 and $0.145, respectively. Furthermore, trading volume has surged by 90% during this period.
Long warned of the risk of economic recession if federal spending is cut. However, she noted that if capital and operations shift to the private sector, B2B activities could increase and facilitate real growth.
Thanks to Musk's developments and DOGE-related stocks, this cryptocurrency has risen by 40% this month. The crypto community hopes DOGE will reach $1 after Donald Trump's victory.
In summary, the urgency of DOGE to act and the proposals from Custodia Bank could play an important role in restructuring government spending. Implementing more comprehensive economic measures could contribute to understanding the dynamics of real growth.