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Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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President-elect Donald Trump announced late Tuesday that he appointed Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency, also known as DOGE.
Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said in a statement posted to Truth Social.
“Together, these two wonderful Americans will pave the way for my administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies — Essential to the “Save America” Movement,” he said, likening the endeavor to a modern-day “Manhattan Project.”
Musk said in the same statement: “This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!”
Trump’s New DOGE Department Aims to Cut Government Waste with Musk’s Operational Expertise
Musk and Ramaswamy served as some of the most prominent surrogates for Trump during the 2024 presidential race, which Trump ultimately won last week.
Trump appears to have established the DOGE department to conduct an extensive audit of the federal government’s financial health and operational performance, aiming to propose necessary reforms. The initiative specifically focuses on reducing waste and boosting efficiency.
Further, Trump saw Musk’s involvement as a chance to apply his proven expertise in optimizing operations, drawing from his success at Tesla and SpaceX.
Musk’s Trump Endorsement and Donations Stir Debate on Conflicts of Interest
Musk endorsed Trump and donated at least $119m to his campaign through a pro-Trump political action committee, America PAC. As a result, he was seen as a supportive ally whose influence could help advance policies promoting innovation and reducing regulatory burdens—issues Musk has long championed.
However, Musk’s companies, SpaceX and Starlink, hold secured contracts with the US Armed Services. This has raised questions about how he will handle potential conflicts of interest regarding these contracts.
Trump Signaled Ramaswamy’s Future Role Despite Initial Silence on His Involvement
Initially, Ramaswamy’s participation in the department was not publicly planned. Yet, Trump, during his campaign, hinted at Ramaswamy’s future role, suggesting he could oversee one of the government’s “big monsters.”
Ramaswamy had earlier run for president within the Republican party. However, he acted as a spoiler during debates where Trump chose not to appear. After withdrawing his candidacy, he publicly endorsed Trump.
Dogecoin Surges Nearly 140% Since Election Results
Relatedly, Musk’s appointment to lead DOGE has significantly impacted Dogecoin’s price, fueled by his past endorsement of the cryptocurrency. His frequent mentions and promotions often trigger speculative buying.
Currently, Dogecoin ($DOGE) has regained attention, reaching a three-year high above $0.41. The expectation that Musk could leverage his new role to benefit Dogecoin, combined with his vocal support, has made the cryptocurrency market highly responsive to his actions and words.
Since the election results, Dogecoin has surged nearly 140%, with its price hovering around $0.40 by Wednesday.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
