Tesla CEO Elon Musk Officially Denied the Possibility of the U.S. Government's Adoption of Dogecoin (DOGE)

The price of Dogecoin fell after Tesla CEO Elon Musk officially denied the possibility of the U.S. government's adoption of Dogecoin (DOGE) payment method.

The price of Dogecoin fell after Tesla CEO Elon Musk officially denied the possibility of the U.S. government’s adoption of Dogecoin (DOGE) payment method.

According to CoinGape, a media outlet specializing in virtual currency, on the 1st (KOREA time), Musk clearly stated at the "America PAC Town Hall" event held in Green Bay, Wisconsin on the 31st (local time), "The U.S. government has no plans to adopt Dogecoin as an official payment method."

At the meeting, Musk explained that the "Department of Government Efficiency (D.O.G.E.)" and Dogecoin, which he is head of, are similar in name but have no practical connection.

"We originally tried to call this department the Government Efficiency Commission, but we changed it to a more interesting name to reflect the opinions of Internet users," he noted.

"The speculation that Dogecoin will be included in government projects because of its similar names is not true," he emphasized.

The clarification disappointed investors who had expected Dogecoin to be involved with the U.S. government since the establishment of the Government Efficiency Committee.

Musk has shown his affection for Dogecoin, calling himself a "DOGE father," and the rumor spread further earlier this year when Dogecoin's logo briefly appeared on the department's official website.

The price of Dogecoin is also down due to disappointment. Dogecoin is trading lower by about 2% at $0.1676 after Musk's remarks.

It plunged 64.07 percent compared to the price that soared to $0.4665 on December 9 last year.