Washington Goes DOGE as Musk Pushes for a Leaner Government

What might Elon Musk’s Dogecoin-backed approach bring to Washington with Vivek Ramaswamy running the DOGE Department?

Elon Musk and the rise of “DOGE” in US politics

Elon Musk and Dogecoin (DOGE) are unlikely players in American politics, but recent election results have thrust them into the spotlight.

On November 12, President-elect Donald Trump announced the creation of the Department of Government Efficiency, a new initiative aimed at streamlining federal operations.

Musk, the visionary CEO of Tesla and SpaceX, will head this newly formed department along with biotechnology entrepreneur and Republican figure Vivek Ramaswamy.

Musk’s support for the Trump campaign has been well documented; Ramaswamy, meanwhile, attracted attention during the 2024 Republican primaries by proposing bold cuts in federal spending, including cutting more than 75% of the federal workforce.

Office of Government Efficiency Director Vivek Ramaswamy says he and Elon Musk plan to reduce the number of federal bureaucrats by 75%. pic.twitter.com/HVs8sEu7nI

— Leading Report (@LeadingReport) November 13, 2024

Together they aim to bring private sector principles to public administration, and Musk declared that their efforts would send “shockwaves throughout the system.”

Interestingly, the acronym “DOGE” is a playful nod to Dogecoin, the cryptocurrency that Musk has publicly supported since 2020. Originally created as a humorous digital token, Dogecoin’s value has frequently increased following Musk’s statements and endorsements.

Inside DOGE’s mission

The newly formed Department of Government Efficiency is a bold effort to solve a long-standing problem in America: curbing government waste and eliminating bureaucratic red tape.

Unlike traditional approaches that expand government to combat such problems, President-elect Trump’s DOGE vision is based on building a modern, cost-effective government that operates more like a well-run business.

So what exactly will DOGE do? DOGE, unlike traditional federal departments, is structured as a special advisory body that operates with a lean staff and a results-oriented approach.

Musk and Ramaswamy’s mission is to identify inefficiencies at federal agencies, cut redundant functions and propose cuts to programs that don’t deliver net value.

Working closely with the White House and the Office of Management and Budget, Musk and Ramaswamy will review the nation’s $6.5 trillion budget with the goal of implementing deep cuts without compromising essential services.

Musk suggested the initiative could save up to $2 trillion by streamlining processes and combining agencies with overlapping roles.

Elon Musk on DOGE:

“I think we can reduce the annual federal budget by at least $2 trillion a year. Your tax money is being wasted, and the Department of Government Efficiency will fix it.”

pic.twitter.com/KWtqEl8xEl

— DogeDesigner (@cb_doge) November 13, 2024

Because of Musk’s reputation for innovation in industries from automotive to aerospace, there is an expectation that DOGE could use innovative tools and strategies rarely seen in government.

For maximum transparency, all actions of the Ministry of Public Efficiency will be published online.

Let us know when the public thinks we’re cutting something important or not cutting something wasteful!

We will also have a leaderboard for the craziest idiots… https://t.co/1c0bAlxmY0

— Elon Musk (@elonmusk) November 13, 2024

DOGE’s study is scheduled to be completed by 2026, giving Musk and Ramaswamy two years to experiment and improve these efficiency measures.

The completion timeline coincides with the 250th anniversary of America’s independence, adding symbolic weight to the goal of a “reformed government” in time for that milestone.

Dogecoin became the center of attention again

Since the Ministry of Government Efficiency’s announcement, Dogecoin has experienced a significant price increase and has again attracted public attention.

As of November 13, Dogecoin is trading at around $0.38; It increased by 100% in just one week. It reached a multi-year high of $0.4359 on November 12; This is up dramatically from $0.10 just a month ago, marking a staggering 336% rise in the short term.

Dogecoin Price Chart | Source: crypto.news

This isn’t the first time Dogecoin has been in the spotlight, thanks in large part to Musk’s influence. Musk, known as the “Dogefather” in cryptocurrency circles, made Dogecoin stand out in 2020 and 2021 with his frequent social media posts.

His tweets and public comments helped Dogecoin rise to an all-time high of $0.74 in May 2021; this reflects an increase of approximately 15,000% from its price of $0.005 at the beginning of that year.

Dogecoin’s appeal stems in part from its fun origins. Created in 2013 as a humorous take on Bitcoin (BTC), it aimed to make fun of the speculative nature of the cryptocurrency.

But by 2021, Dogecoin has become a serious vehicle for speculation, supported by a community that finds Musk’s promotion both entertaining and intriguing.

Even though the crypto market suffered a downturn later that year, Dogecoin’s staunch supporters, the “Doge Army”, remained loyal and often held the cryptocurrency with a “moonshot” mentality.

Now, with Musk back in the spotlight through DOGE, the value of Dogecoin has risen once again.

Although there is no official connection between the Department of Government Efficiency and the cryptocurrency Dogecoin, Musk’s history of supporting Dogecoin has sparked renewed speculation.

His last tweet following the announcement, “A threat to bureaucracy, not democracy,” was widely interpreted as a nod to Dogecoin’s rebellious spirit.

Since Trump’s election victory, Dogecoin is up over 150%, reflecting how Musk’s involvement in government could unexpectedly impact crypto markets.

Cryptocurrency’s new rise in the 2024 election cycle

The 2024 election cycle has been one of the most important periods for the crypto community, fueled by Trump’s outspoken support for digital assets and his determination to include high-profile crypto advocates like Musk in his administration.

For a market driven by sentiment and speculation, this alignment has given new momentum to the entire crypto ecosystem and strengthened both meme coins and established assets like Bitcoin.

Bitcoin, the largest cryptocurrency, is currently trading at $91,000 as of November 13, surpassing the psychological benchmark of $90,000. This marks a record high, up sharply from $38,000 at the start of the year, and reflects year-to-date gains of over 140%.

While meme coins like Dogecoin remain high-risk, high-reward assets driven largely by public sentiment and social media trends rather than traditional financial metrics, current market momentum and Musk’s new government role are starting to blur the lines between “joke” currencies. and main assets.

DOGE’s influence in Washington could shape the future of digital assets, potentially changing public perception and the trajectory of the crypto market.