Newly elected US President Donald Trump has selected tech entrepreneur Elon Musk and political figure Vivek Ramaswamy to lead a newly formed federal entity known as the Department of Government Efficiency (DOGE).
Trump emphasized the purpose of DOGE, saying it would dismantle entrenched government structures, eliminate superfluous regulations, and cut wasteful spending across federal agencies.
DOGE will work closely with the White House and the Office of Management and Budget, implementing a framework for substantial government reform with an “entrepreneurial mindset”. Musk has been vocal about his vision for transforming the government, focusing on eliminating redundancy and bringing an efficiency-oriented approach to public administration.
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With a scope encompassing oversight of federal expenditures, DOGE’s agenda is daunting. Federal spending reached a record $6.75 trillion in the 2024 fiscal year, marking an increase of $617 billion from the prior year.
Trump anticipated Musk and Ramaswamy’s leadership in reshaping the sprawling federal bureaucracy. He noted:
I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans.
The announcement of DOGE’s formation coincided with a surge in Dogecoin
$0.4050
. The digital currency rallied nearly 150% following Trump’s electoral victory, briefly peaking at $0.4, its highest since May 2021.
Musk’s appointment to lead DOGE reflects his increasing rapport with Trump. Since Musk acquired Twitter (now X) for $44 billion in 2022, he has reinstated Trump’s account on the platform, signaling mutual support between the two influential figures. In August 2024, Trump suggested he might consider a cabinet position for Musk should he assume office, a prospect that appears to be materializing through Musk’s involvement with DOGE.
Co-leading DOGE alongside Musk, Ramaswamy has garnered attention for his pro-crypto outlook, advocating for large-scale deregulation of the cryptocurrency sector in his presidential campaign. Ramaswamy also brings financial experience from his asset management firm, Strive Enterprises, which recently launched a new Bitcoin
$89,308.59
-focused wealth management service in November 2024.
In other news, Scott Bessent, a pro-Bitcoin billionaire, is leading the race for the US Treasury Secretary position, potentially bringing a crypto-friendly perspective to the nation’s financial policies. How could his appointment shape the future of cryptocurrencies? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
