Billionaire Elon Musk, a fervent supporter of the cryptocurrency Dogecoin, and entrepreneur Vivek Ramaswamy have been tapped by Donald Trump to lead a new agency aimed at modernizing and streamlining the operations of the US federal government.
Trump Appoints Elon Musk as Head of DOGE Agency
In an official announcement on X (formerly Twitter), Donald Trump revealed Tuesday evening the appointment of Elon Musk, CEO of Tesla and SpaceX, and Vivek Ramaswamy as heads of the Department of Government Efficiency (DOGE).
The new agency, whose acronym is reminiscent of Musk's favorite cryptocurrency, will be tasked with a profound restructuring of the US bureaucracy, with a target of a $6.5 trillion federal budget.
The mandate is clear: reduce bureaucracy, eliminate unnecessary spending, and modernize federal agencies. “Together, these two great Americans will pave the way to dismantle government bureaucracy,” Trump declared, setting a symbolic deadline of July 4, 2026, the 250th anniversary of America’s independence.
On X, Elon Musk announced the release of all agency actions online “for maximum transparency.” In a gesture typical of his provocative style, the Tesla CEO also promised to compile a “ranking of the most stupid expenses” of U.S. taxpayers, which he himself described as “extremely tragic and entertaining.”
Immediate Impact on Cryptocurrency Market
The appointment comes at a pivotal time for the cryptocurrency market, especially for Dogecoin, of which Musk is a vocal supporter. The Shiba Inu memecoin has seen a meteoric rise since Trump’s election, currently trading at $0.38 after peaking at $0.43 on Tuesday.
The effect of the announcement was immediately felt in the market. Despite a slight correction of 9.3% from its peak on Tuesday, Dogecoin still maintained an impressive 112% gain for the week, according to CoinGecko data. For reference, its all-time high of $0.73 was reached on May 8, 2021.
The entire crypto ecosystem has reacted positively to the news. This excitement reflects the significant impact that political decisions are currently having on the crypto universe, as the lines between technological innovation and traditional governance continue to blur.
In short, the appointment of Elon Musk as head of the DOGE agency marks a turning point in the history of US government. This unprecedented fusion of tech entrepreneurship and federal management could redefine the standards of administrative efficiency while also creating unexpected resonance with the crypto world.
