Elon Musk denies Dogecoin’s role in US government operations

Elon Musk has stated that the U.S. government has no plans to utilize Dogecoin in its official operations. During a town hall meeting in Green Bay, Wisconsin on March 30th, Musk addressed rumors linking Dogecoin to the Department of Government Efficiency (D.O.G.E.), clarifying that the name similarity is purely coincidental. He emphasized, "There are no plans for the government to use Dogecoin or anything similar, as far as I know. They happen to be similar names, but we're literally just trying to make the government 15% more efficient."

The D.O.G.E. name, Musk explained, resulted from public suggestions, replacing his initial proposal of "Government Efficiency Commission." The memecoin's logo is present on the D.O.G.E. website.

Musk's $1 Trillion Deficit Reduction Goal

D.O.G.E. is a key initiative under President Trump's administration, aiming to curb federal spending and reform government agencies. Since its inception, the department has implemented budget cuts and staff reductions affecting initiatives related to climate change and diversity. Affected agencies include USAID, the CFPB, and the SSA.

A particular area of concern for D.O.G.E. is the federal credit card system, which boasts 4.6 million cards for a workforce of 2.3 to 2.4 million. Musk deemed this situation "ridiculous" and advocated for immediate cuts.

In a Fox News interview, Musk announced his intention to resign from the Trump administration after achieving a $1 trillion deficit reduction. He projected completing the majority of the cost-cutting within 130 days, potentially concluding his work by May. He stated, "I think we will accomplish most of the work required to reduce the deficit by a trillion dollars within that time frame."

While fiscal conservatives applaud these reforms, protests have erupted across the country, with reports of Tesla facilities becoming protest sites due to public anger over Musk's role in the federal government.