The logo of the top memecoin Dogecoin (DOGE) is now the face of an official US government website.
The official website of the Department of Government Effectiveness (DOGE), a new created department aimed at reducing unnecessary public spending, boasts about the face of Kabousothe late Shiba Inu who inspired Dogecoin.
DOGE is reportedly led by tech billionaire and Trump supporter Elon Musk, who has also been one of Dogecoin’s largest backers.
The department was originally co-chaired by Musk and Vivek Ramaswamy, but Musk would have ousted Ramaswamy from the agency.
Dogecoin has seen very little price movement relative to the news. DOGE is worth $0.38 at the time of writing and is up 3.3% in the last 24 hours.
Many crypto advocates have showed support for the proposed department. Coinbase CEO Brian Armstrong recently called the new department a “unique opportunity” to “shrink the size of government to healthcare.”
Armstrong said:
“To make this sustainable, we may need a constitutional amendment capping total public spending (at 10%, for example), or a way to align incentives…
Ideally, you would have a way to temporarily increase consumption (e.g. during wartime), while still having the appropriate incentives to not let spending get totally out of control in the long run.
An example would be a US sovereign wealth fund, in which every citizen receives a share (people can perhaps buy more if they want) and any budget surplus pays a dividend.
Every citizen then has skin in the game. Perhaps Congress will get slightly more participation.
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