Elon Musk, the Tesla billionaire who heads US President Donald Trump’s Doge department of government efficiency, is no stranger to bitcoin, crypto and blockchain, with his social media platform.
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The price of Bitcoin has skyrocketed over the past year, helped by Trump’s electoral victory, Wall Street adoptsn and Musk declares a “financial emergency.”
NOW, as Trump’s shock plans for crypto suddenly emergeA leak has revealed that Musk may be considering using bitcoin-inspired blockchain technology to power his Doge department.
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Elon Musk, the Tesla billionaire who was accused of running Donald Trump’s Doge department. … (+)
Musk, who was chosen to lead the Doge Department by Trump transition team leader Howard Lutnick before Lutnick was named Commerce Secretary.has had discussions about using the blockchain technology that underpins bitcoin and other cryptocurrencies to save money. reported by Bloombergciting anonymous sources.
People close to Musk told the financial news wire that there had been talk of using blockchain to track federal spending, secure data, make payments and manage buildings.
It is unclear whether Musk plans to use an existing blockchain, such as Bitcoin, Ethereum, Dogecoin or one of the thousands of smaller blockchains that have their own cryptocurrencies, or s he prefers to create a new, specially designed blockchain.
After Musk bought Twitter, which he later renamed X, Musk also debated adding blockchain technology to the platform before abandoning the idea, text messages between Musk and his brother Kimbal revealed in 2022.
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Dogecoin price skyrocketed after Donald Trump’s election victory, increasing … (+)
The Doge department is a nod to the shiba inu doge meme which is also linked to the cryptocurrency dogecoin, referred to by Musk as his “favorite” cryptocurrency and accepted as payment by his car manufacturer Tesla.
The price of dogecoin soared after Trump’s election victory, rising with the price of bitcoin, as traders bet that Musk’s closeness to the US president will further boost the meme-based cryptocurrency.
This week, Trump made good on his campaign promises to make overhauling cryptocurrency policy one of his administration’s priorities, ordering the creation of a cryptocurrency task force to propose new regulations and explore the creation of a national cryptocurrency stockpile.
Trump’s crypto and artificial intelligence czar, venture capitalist David Sacks, will chair the group, with Sacks – an early investor in Ethereum rival Solana – praised by Trump who later said Fox Business Trump’s actions showed he was delivering on his promise to make the United States the “crypto capital of the world,” which Trump also told attendees at the World Economic Forum in Davos.