Coinbase CEO Brian Armstrong thinks Donald Trump’s new Department of Government Efficiency (DOGE) could be a game-changer for the US economy. He believes it offers a unique chance to shrink the government and boost economic freedom.
Armstrong’s Vision for DOGE
Armstrong tweeted his support for DOGE, suggesting it could tackle the problem of government overspending. He proposed some ideas for the department, including:
- A spending cap: Limiting government spending to 10% of GDP.
- Accountability for deficits: Preventing representatives who create budget deficits from running for reelection.
- A sovereign wealth fund: Distributing shares and dividends to US citizens from budget surpluses.
He acknowledged that while the Founding Fathers were brilliant, governments tend to grow larger over time, leading to inefficiencies.
Who’s Running DOGE?
The creation of DOGE has been a hot topic, even before the election. Trump campaigned on tackling government bloat, hinting that Elon Musk might lead the new department. After his victory, he officially appointed Musk and Vivek Ramaswamy to head DOGE. Trump’s plans for DOGE include cutting regulations, restructuring agencies, and reducing expenses.
Mixed Reactions and Uncertainties
While the announcement was anticipated, the reaction has been mixed. A key concern is that DOGE isn’t a formally established department, raising questions about the authority of Musk and Ramaswamy. Congress ultimately controls government spending.
However, there are clear winners. Musk gains a significant role in the Trump administration, and the cryptocurrency market, particularly Dogecoin, has seen a boost. Analysts predict Dogecoin could reach $0.50 by January 2025 due to the increased attention surrounding DOGE and Musk.
