Former US President Donald Trump has announced the creation of the Department of Government Efficiency (DOGE), with Tesla CEO Elon Musk leading the initiative. Musk will work with Republican entrepreneur Vivek Ramaswamy on the project, which aims to reduce government spending and improve efficiency.
Coinbase CEO Brian Armstrong has supported the initiative, suggesting a 10% GDP reduction in government spending and the creation of a sovereign wealth fund. Dogecoin, the cryptocurrency that inspired the department’s name, saw a 163% increase in value after Trump’s announcement.