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Elon Musk Said to Propose Blockchain Use at D.O.G.E. for Efficiency: Bloomberg
Representatives of the Department of Government Efficiency have spoken with leaders of several public blockchains, people familiar with the matter told Bloomberg.
What to know:
- Head of the new Department of Government Efficiency, Elon Musk, is reportedly considering using blockchain technology to ease operations.
- People familiar with the matter told Bloomberg that Musk suggested a digital ledger would be a cost-efficient way to track federal spending, secure data, make payments and manage buildings.
- Representatives of DOGE have reportedly had conversations with leaders from several public blockchains.
Elon Musk, picked by President Donald Trump to lead the new Department of Government Efficiency, proposed using blockchain technology as part of the operation, Bloomberg reported.
STORY CONTINUES BELOW
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Musk suggested that using a digital ledger would be a cost-efficient way to track federal spending, secure data, make payments and manage buildings, according to people familiar with the matter.
Several representatives of public blockchains have met with affiliates of DOGE, the people said.
The department was created in response to the federal government’s spending of $6.7 trillion in fiscal 2024, which Musk in October called “wasted” money. He promised the department — whose acronym is a nod to Musk’s favorite cryptocurrency, dogecoin (DOGE) — would slash the figure to at most $2 trillion.
Given the department’s name and Trump’s determination to establish crypto-friendly policies in the U.S., Musk’s plan to incorporate blockchain technology doesn’t come as a surprise.
In addition to creating DOGE on Jan. 20, Trump signed an executive order to create a working group on digital assets led by venture capitalist David Sacks with a mandate to identify all regulations that currently touch crypto within 30 days, among other things.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
