‘DOGE’ can increase economic freedom in the US – Coinbase CEO
Coinbase CEO Brian Armstrong expressed positive sentiments for the newly created Department of Government Efficiency (DOGE) headed by billionaires Elon Musk and Vivek Ramaswamy.
In the year On August 20, US President-elect Donald Trump floated the idea of bringing Musk into his cabinet or giving the billionaire an advisory role starting in January 2025. At the time, Trump did not reveal the unit he planned to put Tesla's CEO in. in
In the year On November 13, Trump appointed Mook and Ramaswamy to lead a new government agency focused on reducing federal spending and cutting regulations and increasing efficiency. DOGE cuts unnecessary regulations, cuts wasteful spending and restructures federal agencies.
Meanwhile, Armstrong sees the new government agency as an opportunity for the country to increase its economic independence.
Coinbase CEO thinks “DOGE” can increase economic freedom
On November 17, the Coinbase executive released on X that the new section is an opportunity to “increase economic freedom” in the US and bring the government on the right track. Armstrong wrote:
“The Founding Fathers were wise, but they may have missed the perverse incentives that (benevolently) increase the size of democratic government from time to time[bywinningelectionswithmoreliberals”
Coinbase's CEO said that to future-proof this issue, the country needs to amend its constitution to limit total government spending, hovering around 10% as a suggested figure. The executive explained that the government should have the right incentives for spending in the long run “so that it does not become completely out of control”.
The executive floated the idea of having a sovereign wealth fund in the US that each of its citizens would share in. In this way, the budget surplus will generate profits for the shareholders. “Every citizen has skin in the game. Maybe Congress gets a little higher stake,” Armstrong added.
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Dogecoin's price spiked after the presidential election.
Department of Government has the same acronym as the Dogecoin (DOGE) symbol, but the department has nothing to do with memecoin.
Despite this, the Dogecoin token performed well after the US election and the creation of a government agency of the same name. A day after Musk posted about the government agency, Dogecoin hit a yearly high of $0.39 before a small correction.
Dogecoin year-to-date chart. Source: CoinGecko
Musk was accused of rigging Dogecoin prices in 2022 but recently won the case.
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