Elon Musk Categorically Rules Out the Idea of the U.S. Government Using Dogecoin

Influential tech entrepreneur Elon Musk categorically ruled out the idea of the U.S. government using Dogecoin DOGE/USD on Sunday, even though his initiative, the Department of

Tech billionaire Elon Musk on Sunday shot down any possibility of the U.S. government using Dogecoin (CRYPTO: DOGE) despite his own initiative, the Department of Government Efficiency, being a namesake to the meme-based coin.

What Happened: During a town hall event in Green Bay, Wisconsin, Musk was asked if the Dogecoin blockchain could be used to improve government transparency, an idea that was recently floated by an audience member at the Good Morning America studio.

“Well the names are similar, but they’re doing two very different things,” responded the Tesla (NASDAQ:TSLA) and SpaceX CEO, who also quipped that they should start a band called "Good Morning America, Good Morning Studio."

Musk said he had initially planned to name the department the “Government Efficiency Commission,” but decided to change it to the Department of Government Efficiency after receiving suggestions on the internet.

“But there are no plans for the government to use Dogecoin or anything as far as I know,” Musk stated.

This statement follows Musk’s previous comments comparing investments in meme coins to casino games. He had advised investors not to put their life savings into such assets.

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Why It Matters: Musk is a known fan of Dogecoin, and his social media posts have often led to rallies in the dog-themed cryptocurrency.

Tesla also used to accept Dogecoin payments for its merchandise before the option was suspended. Last year, Musk said he would like to bring back the possibility for people to pay for Tesla merchandise with Dogecoin.

The Department of Government Efficiency, or DOGE, is an initiative that aims to cut federal spending and eliminate stifling regulations. It has faced criticism for seeking access to sensitive government systems, such as the Treasury Department, and for its broad scope. Despite the backlash, former President Donald Trump continues to support the initiative.

At the time of writing, DOGE is trading at $0.1638, remaining nearly flat in the 24-hour period, according to Benzinga Pro.