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Coinbase CEO Brian Armstrong proposed the creation of a Department of Government Efficiency (DOGE), describing it as a unique opportunity to enhance economic freedom in the U.S. and streamline government operations. In a Nov. 17 post on X, Armstrong argued that such an agency could reduce the government's size to a sustainable level.
. @DOGE is a once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.
— Brian Armstrong (@brian_armstrong) November 17, 2024
The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over…
Armstrong suggested cutting government spending to 10% of the gross domestic product (GDP), pointing out that federal spending has more than doubled in recent years. To address this, he advocated for amending the constitution, proposing that members of Congress who approve unbalanced federal budgets should be ineligible for reelection, thereby ensuring long-term fiscal responsibility.
He also introduced the concept of a U.S. sovereign wealth fund, which would allow citizens to contribute and own shares. The fund's surplus could be distributed as dividends, providing a financial return to the public while fostering fiscal sustainability.
On November 13, U.S. President-elect Donald Trump officially appointed Elon Musk to lead the newly established Department of Government Efficiency (DOGE). The agency, inspired by Dogecoin, will also feature American entrepreneur and Republican Vivek Ramaswamy as a key member.
The primary goal of the agency is to eliminate wasteful spending, overhaul federal agencies, and reduce excessive regulations. Trump described the initiative as a transformative move, likening it to “The Manhattan Project” of modern times.
Following Trump's election victory and the announcement of DOGE, Dogecoin's value surged by 163% over the past month, climbing from $0.13 to $0.36. Projections suggest that Dogecoin could potentially reach $1 shortly.
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