Coinbase CEO States Elon Musk's D.O.G.E. Is a 'Once-in-a-Lifetime Opportunity' for Economic Freedom
Brian Armstrong, CEO of the U.S.-based crypto behemoth Coinbase, has favored the future efforts of the Department of Government Efficiency (D.O.G.E.), using Musk’s and Ramaswamy’s ideas to trim the fat in state bureaucracy and cut state spending.
Coinbase CEO Brian Armstrong Praises Elon Musk’s D.O.G.E. Proposal, Examines Possible Outcomes
The Department of Government Efficiency (D.O.G.E.), a proposal seeking to trim the bureaucratic spending of the U.S. by at least $2 trillion, is getting attention from people in cryptocurrency circles. Brian Armstrong, CEO of Coinbase, the largest U.S.-based crypto exchange, has recently praised D.O.G.E., referring to the possible actions the institution might have to spearhead to achieve its objectives.
The department, which will be co-led by Spacex CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy, was praised for the possibilities of controlling U.S. spending and ensuring frugality in the management of public funds.
Read more: Elon Musk’s DOGE Plan Lets Public Call out ‘Insanely Dumb’ Government Spending
On the idea of D.O.G.E., Armstrong noted it was a “once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.” He stressed that while the founding fathers of America built the country, they might have missed the intricacies of the democratic system, which pushes for increasing the size of the government to perpetuate its existence in elections.
“We may need a constitutional amendment capping total government expenditure (at say 10%), or a way to align incentives,” Armstrong stressed, offering different ideas for achieving D.O.G.E.’s goals. He believes that setting up a sovereign fund where citizens get a share and have skin in the game might help put D.O.G.E. on the right path for cutting these expenses.
Even with these statements, the real reach of D.O.G.E. is still in question, as its future status as an official government institution is disputed by some due to the predicted reach of D.O.G.E.’s actions. Ramaswamy has stated that complete government agencies might be deleted, as President Milei did when starting his actual mandate, dismantling and disarming several ministries in Argentina.
President Milei commented before that its Chainsaw model, featuring deregulation and state streamlining moves, was similar to what Musk hopes to apply in the U.S.
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