Elon Musk Rules Out US Government's Use of Dogecoin (DOGE)

Adding FUD to the already cautious cryptocurrency market sentiment was the American billionaire's proclamation that the US government has no plans to use Dogecoin.

President Donald Trump's Department of Government Efficiency (D.O.G.E.) was founded in December 2023 to reduce the federal deficit and improve government efficiency.

Elon Musk, the billionaire technology entrepreneur, was appointed by the president to spearhead the agency, which was set up in response to the pressing issues highlighted by the founders of Dogecoin (DOGE) during a meeting with Trump in October 2022.

The founders of the meme coin had pitched the president on the cryptocurrency's potential to revolutionize government finances with its speed, transparency, and efficiency.

While discussing his role within D.O.G.E. on Monday, Musk stated that there are currently no plans to use Dogecoin for government payments.

"We're not planning on using Dogecoin for government payments," Musk said during an interview with Bret Baier on Fox News. "But we're working on a number of initiatives to reduce the deficit and improve government efficiency."

The American billionaire’s proclamation that the US government has no plans to use Dogecoin came as FUD to the already cautious cryptocurrency market sentiment.

This was also despite some thinking that Musk may be looking at DOGE or its blockchain for payment efficiency and transparency among major agencies.

There were also hints that Musk may be ending his stint within D.O.G.E. by May.

According to his interviews, he is aiming to complete the agency's mandate within 130 days.

"I think we will have accomplished most of the work required to reduce the deficit by a trillion dollars and we will have completed a number of other initiatives to improve government efficiency within that timeframe," said

The next month would mark the deadline for Musk's goal, suggesting he may leave his government role to focus on more pressing matters within his companies, particularly the tension between the angry mob of protesters and Tesla (NASDAQ:TSLA).

Then again, he is known to change his mind on a whim, like his refusal to honor the poll he put up that asked respondents if he should step down as head of Twitter (now known as X) in 2022.

Moreover, considering Musk's strong influence within the administration and the pressing issues that led to the creation of D.O.G.E., Trump may not be willing to let him go just yet.

The agency was founded in response to the founders of Dogecoin pitching the meme coin to Trump for its potential to revolutionize government finances with its speed, transparency, and efficiency.

The meeting took place in October 2022 during a discussion about the need to reduce the federal deficit and improve government efficiency.

The founders presented the meme coin as a model for a new generation of financial technology that could help the government operate more effectively and economically.

They highlighted how cryptocurrencies like Dogecoin are known for their rapid transaction speeds, complete transparency in the blockchain, and efficient operation.

In contrast, traditional government financial systems are often slow, bureaucratic, and prone to waste.

The founders argued that adopting a cryptocurrency like Dogecoin could enable the government to process payments, collect taxes, and manage finances with significantly greater speed and lower costs.

This shift could be instrumental in tackling the pressing issue of the federal deficit and improving the overall efficiency of government operations.

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