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Elon Musk’s Department of Government Efficiency (D.O.G.E) just crashed into the US Treasury like a runaway Tesla. David A. Lebryk, the highest-ranking career official at the Treasury Department, resigned yesterday after Elon demanded unrestricted access to audit federal spending.

Lebryk called it quits instead of letting Elon’s team poke around the payment systems responsible for moving over $6 trillion annually, because yes, that’s not suspicious at all.

Now Elon claims the D.O.G.E team uncovered mind-blowing negligence at the Treasury, accusing payment approval officers of approving everything, even payments to known scammers and terrorist-linked entities. “They literally never denied a payment in their entire career. Not even once,” Elon said on X.

He’s furious about the federal deficit, which he wants to slash by $4 billion every day until the end of September. But Treasury officials are treating D.O.G.E’s demands like a hostile takeover.

Lebryk’s shady exit

Right now, the Treasury is engaged in a heated dispute with Elon’s team over control of the federal payment system, which disburses Social Security benefits, federal worker salaries, tax refunds, and payments to contractors.

The system is overseen by the Bureau of the Fiscal Service and processes about 1.3 billion payments annually, worth $5.4 trillion. Lebryk was appointed acting Treasury Secretary by Trump after his inauguration, ahead of Scott Bessent’s confirmation, which happened last week.

Before his resignation, Trump administration officials had placed him on administrative leave, reportedly after Elon’s team kept pushing for system access. Tom Krause, a Silicon Valley exec working with D.O.G.E, was leading the charge. He didn’t respond to reporters when asked for details outside the White House yesterday.

According to a Jan. 31 report from The Post, D.O.G.E’s audit requests intensified after the election. Treasury officials, though, were uneasy about the idea of outsiders reviewing what many consider to be one of the government’s most sensitive financial infrastructures.

Elon’s mission isn’t just to audit payments. He’s trying to change how the government spends money—period. On X, he called the rising national debt an “existential threat” and shared plans to reduce the deficit from $2 trillion to $1 trillion by fiscal 2026.

His plan is to cut $4 billion a day, shrink government spending, and let economic growth handle the rest. The man’s already taken over federal agencies, installing allies at the Office of Personnel Management and the General Services Administration.

Legal experts are freaking out. Mark Mazur, who worked in the Treasury under Obama and Biden, says Elon’s approach is unprecedented. “It’s never been used in a way to execute a partisan agenda,” he told reporters, adding that the system’s purpose has always been straightforward: make payments, no politics.

He warned that allowing Elon’s team to access and possibly manipulate the nation’s financial plumbing could lead to dangerous precedents. The White House briefly ordered a federal grant freeze earlier this week, only to backtrack after backlash and legal threats.

D.O.G.E, which Elon created to replace the US Digital Service, has been labeled a watchdog with bite. And Elon isn’t afraid to break the rules. His goal is to audit everything — fraudulent payments, bloated contracts, hidden fees, you name it.

Treasury insiders believe Elon’s team sees federal spending as a tech problem: too much overhead, not enough automation, and zero accountability.

The problem for Elon is that most career officials see it differently. To them, D.O.G.E’s aggressive tactics are just plain dangerous.

The Treasury’s systems have never been used to enact political agendas, and officials fear Elon’s team is treating it like a startup expense report instead of a national safety net.

As for Lebryk, Michael Faulkender, Trump’s deputy Treasury nominee, praised his work, saying, “He always seemed to be relaxed and under control.” But Elon’s arrival threw him into unfamiliar territory, and he chose to walk away rather than fight.

In his farewell email, Lebryk told staff: “Please know that your work makes a difference and is so very important to the country.”

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Eugene Fama, the renowned “Father of modern finance,” predicts Bitcoin will be worthless in a decade.

Why? Cryptocurrencies “violate all the rules of a medium of exchange,” Fama said on the Jan. 30 episode of Capitalisn’t. “They don’t have a stable real value. You know, they have highly variable real value. That kind of medium of exchange is not supposed to survive.”

Fama, who authored the efficient markets hypothesis in the 1960s, didn’t actually guarantee that Bitcoin will be worthless. Rather, he agreed when podcast host, finance professor Luigi Zingales, asked what the probability was that, “within 10 years, the value of Bitcoin would go to zero?”

“I would say it’s close to one,” Fama replied.

‘Is it a bubble?’

The interview started with Fama expressing disapproval of the term “economic bubble” as bubbles need to have a predictable ending. But nothing in the market is predictable, he argues.

Journalist Bethany McLean, who cohosts the show with Zingales, asked Fama whether Bitcoin was a bubble, Fama indicated that he hopes it bursts.

“I’m hoping it would bust because, if it doesn’t, we have to start all over with monetary theory — it’s gone,” Fama said. “It might be gone already.”

“All we thought we know about monetary theory says [cryptocurrency] shouldn’t survive,” Fama adds.

Crypto violates all the rules of a medium of exchange as they don’t have stable value and people won’t use it as a currency, he explained. This sentiment, predictably so, angered some in the crypto community.

https://twitter.com/pete_rizzo_/status/1885033098187804677

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“What about stablecoins?”

McLean posed that question to Fama, who said using U.S. dollars on the blockchain “could work,” because dollars have “stable, real value.”

Another big threat to Bitcoin voiced by Fama is 51% attack. Although such an attack would have been costly, Fama says that every transaction system faces “a problem of verification and a problem of who is enforcing the rules.”

Fama, who was awarded with a Nobel Prize in economics in 2013, also insists that — unlike Bitcoin — gold is more favorable because it has many use cases. And the government’s role in the crypto market may speed up the loss of value of Bitcoin.

It’s worth noting that Fama essentially checked the boxes of the main surface-level threats to decentralized digital money, but that none of his predictions were expressed with utmost confidence. 

“His open-mindedness for admitting that he might be wrong… he’s willing to adapt his universe at age 86,” Zingales said. “I think that’s really remarkable.”

Read more: UBS’ Paul Donovan Claims Bitcoin Is in its Death Throes and Wants it “Buried”

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XRP has been on a bit of a rollercoaster lately. Right now, it’s sitting at around $2.97, down about 3.88% from the previous close. It’s had some intraday volatility, bouncing between $2.96 and $3.09, which shows that traders are actively pushing the price around.

XRP Price Analysis

Looking at the technicals, the Relative Strength Index (RSI) is at 65.14, which is a pretty neutral spot—not too overbought, not too oversold. That means there’s still room for movement in either direction. The Moving Average Convergence Divergence (MACD) is in positive territory, signaling some bullish momentum.

However, there are mixed signals—while some indicators show strength, the Price Rate of Change (ROC) is flashing a sell signal, which suggests that some traders might be taking profits. On the moving averages side, XRP is looking strong, trading above all key levels—5-day, 10-day, 20-day, 50-day, 100-day, and 200-day. That’s a strong buy signal overall and suggests that the uptrend is still intact.

A big part of XRP’s recent action comes from the ongoing legal drama with the SEC, which has kept investors on edge. Recently, XRP hit a high of $3.02, and analysts are eyeing a potential move toward $4.40 if momentum continues. The Fibonacci extension levels support this, so if XRP gets enough bullish pressure, we might see another leg up.

Overall, XRP is looking solid, but there are still some mixed signals. While it’s trading above key moving averages, and momentum indicators like MACD show strength, other metrics hint at a possible cooldown. As always, it’s worth keeping an eye on key resistance and support levels to see where it moves next.

XRP Price Prediction

Analysts predict that XRP could experience a modest increase in the short term, potentially reaching $3.15 by the end of February 2025. This XRP price prediction is based on current market trends and assumes continued investor interest. For the remainder of 2025, forecasts suggest that XRP could trade within a range of $2.10 to $3.41, reflecting potential volatility.

Factors influencing this outlook include broader market trends, technological developments within the Ripple ecosystem, and macroeconomic conditions. Looking ahead, some analysts are optimistic about XRP’s long-term prospects, citing potential price targets of $5 to $7 due to Ripple’s advancements and decreased regulatory scrutiny expected from the new administration.

Frequently Asked Questions (FAQs)

What factors influence XRP’s price movements?

XRP’s price is influenced by various factors, including market sentiment, developments within its ecosystem, macroeconomic events, and broader trends in the cryptocurrency market.

How reliable are XRP price predictions?

Price predictions are inherently uncertain and should be viewed with caution. The cryptocurrency market is highly volatile, and unforeseen events can significantly impact prices.

What are the key utilities of XRP?

Beyond its role as a cryptocurrency, XRP aims to offer various utilities, including facilitating cross-border payments and providing liquidity for financial institutions.

Investment Risk Consideration

Investing in cryptocurrencies like XRP carries inherent risks due to market volatility. Potential investors should consider the following:

Market Volatility: Cryptocurrency prices can experience significant fluctuations in short periods, leading to potential gains or losses.

Regulatory Risks: Changes in regulations can impact the legality and value of cryptocurrencies.

Technological Risks: Security vulnerabilities or technological failures can affect the platform’s performance and value.

Market Sentiment: Public perception and media coverage can influence investor behavior and price movements.

It’s essential to conduct thorough research, assess your risk tolerance, and consult with financial advisors before making investment decisions.

In the last 24 hours, XRP has plunged below the critical $3 level, losing more than 10 cents in its free fall. The sharp decline might signal that XRP could repeat its history in February. Notably, XRP usually underperforms in the second month of the year.

Historical trends highlight February weakness

According to Cryptorankdata, XRP has an average monthly return of -3.00% for February. Since 2014, XRP has only finished in the green four times, with the highest percentage return in 2022. In that year, XRP registered a 26.3% increase in value.

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The other three years of positive performances were in 2016, 2019 and 2024, with average monthly returns of 23.8%, 1.13% and 17.1%, respectively.

Conversely, XRP performed poorly in 2014, with a 33.4% decline. Aside from 2017, 2018 and 2021, with a negative growth of 12.3%, 22.1% and 14.8%, respectively, all other declines were below 10%.

Market observers consider this a plus for XRP as any sell-off that will occur might not adversely impact the coin. While acknowledging history leans toward an average of 3% cumulative loss, XRP could still flip the pattern and close February in the green.

Analysts highlight the broader cryptocurrency dynamics, which indicate the new U.S. administration remains pro-crypto as an indicator.

Can XRP reverse course?

Additionally, Ripple’s move to get included in the proposed U.S. crypto strategic reserve, if it scales through, could transform the price outlook in a flash. This is because it could drive up demand for XRP and increase its value, pushing it to test the $4 mark.

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Brad Garlinghouse, Ripple’s CEO, recently stated that the company was pushing for inclusion in line with the current administration’s interest in supporting American tech organizations. However, critics have pushed back at this narrative as largely self-serving.

As of this writing, XRP was trading at $2.98, a 3.69% decline in the last 24 hours. As investors slow down on market activities, the trading volume has dipped by 4.59% to $4.46 billion.

The crypto market continues to experience turbulence following January’s crash. While some altcoins show resilience, others are struggling to maintain momentum. According to crypto analyst Pooja Khardia, investors should consider selling PNUT Coin and four other underperforming altcoins before further losses occur.

5 Altcoins to Sell Right Now

Market data from analytics platform Santiment reveals that while buying pressure is increasing, several cryptocurrencies are showing significant weakness. Here are the five tokens analysts suggest selling:

Peanut the Squirrel (PNUT Coin)

PNUT Coin gained viral traction in 2024 due to a controversial story about a euthanized squirrel named Peanut. The token quickly became popular, but with no substantial growth factors, it has been on a steep decline, losing 90% of its value from its peak. With no catalysts in sight, experts believe holding PNUT Coin could result in further losses.

Official Trump (TRUMP)

The TRUMP meme coin saw a major surge after being associated with former U.S. President Donald Trump. However, the hype has faded, causing a 70% drop in two weeks. Critics argue that Trump’s unpredictable connection to volatile assets could lead to further price instability, making TRUMP a risky investment.

 

Jelly My Jelly (JellyJelly)

Venmo’s founder launched JellyJelly, which initially gained attention. However, a Santiment report suggests that the token lacks strong fundamentals and may have been a pump-and-dump scheme. As its price continues to decline, JellyJelly is increasingly being viewed as a failing asset.

Charles (CHARLES)

The CHARLES token attempted to capitalize on Cardano (ADA) founder Charles Hoskinson’s name by sending 90% of its supply to him. However, Hoskinson rejected the token and burned all the ADA meme coins, leading to a significant price crash. Analysts expect CHARLES to continue its downward trajectory.

X Empire (X)

X Empire, a Telegram-based mini-game token, has been struggling since launch. With no new updates or ecosystem growth, the token has lost over 85% of its value. Without further developments, its price is likely to keep declining.

Should Investors Be Concerned?

While the crypto market remains highly volatile, understanding which assets are worth holding is crucial. Experts suggest that investors stay cautious and conduct their own research before making any decisions.

Disclaimer: This article presents expert opinions and does not constitute financial advice. The Bit Journal recommends performing thorough research before investing in cryptocurrencies.

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