Ramasamy and Musk have enlightened the community by addressing an existing issue. Recently, Ramaswamy tweeted on X that most federal workers do not appear in person, but the cost of maintaining and powering government office buildings (7,967 buildings) is $15 billion annually.
Elon Musk also expressed his outrage by stating that American taxpayers' money is being used to install air conditioning and heat thousands of vacant government buildings. President-elect Donald Trump has appointed Vivek Ramaswamy and Elon Musk as heads of the Department of Government Efficiency (DOGE). The goal of this agency is to cut federal spending and save taxpayer money.
In the election campaign, Trump made many proposals to cut taxes, and if these proposals want to be passed in both houses, he needs a way to cut federal spending. This has become one of the main reasons for the establishment of DOGE.
While Ramasamy and Musk are struggling to cut spending, FTX, the bankrupt cryptocurrency exchange, has announced that they will repay debts to creditors. According to the bankruptcy plan approved by the court, FTX will return $16.5 billion in funds it has collected over the past two years to its customers. Each customer will receive 119% of the amount they held in their wallets at the time of bankruptcy.
According to the plan, within 60 days from the effective date, approximately 98% of customers with $50,000 or less in their accounts will be refunded. However, FTX has not yet announced the refund date.
FTX, once the leading cryptocurrency exchange, collapsed in November 2022 after news broke about its founder and CEO, Sam Bankman-Fried, embezzling customer funds. Bankman-Fried is currently serving a 25-year prison sentence.
With the ability to cut taxes and refund FTX, most Americans may find themselves with extra disposable income. The financial increase may encourage people to explore new investment opportunities like cryptocurrency. Successfully addressing high-profile cases like FTX and increasing confidence in cryptocurrency, along with clarity on regulations, enhances their chances of investing in cryptocurrency.