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Elon Musk, the world's most powerful internet troll, has found yet another joker mask to wear, which will undoubtedly trigger even more division online. If conquering the tech world with Tesla and irrevocably disrupting the social media world with X wasn't enough, Musk now wants to strengthen his influence in the political world.
Already known for his DOGE fandom, Musk has been appointed a lead role in the newly created Department of Government Efficiency (DOGE) alongside former Republican presidential candidate Vivek Ramaswamy.
“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” incoming US President Donald Trump said in a statement.
President Donald J. Trump announces the Department of Government Efficiency (DOGE) — headed by @elonmusk and @VivekGRamaswamy pic.twitter.com/Ya2o45qlV8
— Trump War Room (@TrumpWarRoom) November 13, 2024
The agency’s main goals involve streamlining government operations by removing redundant structures, cutting down on excessive spending, restructuring agencies, and eliminating areas of waste and fraud within the federal budget, which currently stands at $6.5 trillion. Its ultimate goal is to offer more government transparency and support entrepreneurship.
Musk added that all actions by DOGE will be "posted online for maximum transparency" and welcomed public feedback.
"We will also have a leaderboard for most insanely dumb spending of your tax dollars," he said. "This will be both extremely tragic and extremely entertaining"
All actions of the Department of Government Efficiency will be posted online for maximum transparency.
— Elon Musk (@elonmusk) November 13, 2024
Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!
We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0
The Dogecoin community predictably relished the announcement. On Tuesday night, DOGE surged 20% from $0.37 to $0.43. Equally as predictably, the notorious memecoin fell back down again after the dust settled.
Moreover, memcoin Department of Government Efficiency (also DOGE), jumped 61% over the past 24 hours at a similar price point of $0.31.
But beneath the frivolity and perceived facetiousness, the move could be an encouraging signal for the wider crypto community.
Trump has already pledged to be the "Crypto President", promising the industry a series of actions that should strengthen the sector. Among these pledges is removing Securities and Exchange Commission (SEC) chair Gary Gensler on the first day of Trump's Presidency.
Dan Gallagher, Paul Atkins, Mark Uyeda, Hester Peirce, and Chris Giancarlo are potential Gensler replacements.
Blockhead
Other encouraging pledges include a Bitcoin stockpile, keeping mining in America, cutting crypto taxes, and making America the "crypto capital of the planet."
Blockhead
Trump is yet to be sworn in but early moves such as establishing DOGE signals to the industry that the President Re-elect is serious about taking bold steps. To give us a better idea of how this might shape out, we can review what Musk and Ramaswamy have previously said about crypto.
Musk Crypto Quotes:
- "Crypto by its very nature helps with individual freedom."
- “If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump. … I definitely do not believe in getting the price high and selling, or anything like this. I would like to see Bitcoin succeed.”
- “I am late to the party but I am a supporter of Bitcoin.”
- "The most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of Earth in the future.”
- “I will eat a happy meal on tv if McDonalds accepts Dogecoin.”
- “Bitcoin just gives power to new rich people.”
- “I don't spend a lot of time thinking about cryptocurrency — hardly any at all.”
Blockhead
Ramaswamy Crypto Quotes
- "Trump will enjoy a boost from pro-bitcoin and pro-crypto voters that don’t show up in the polling, by at least 1%."
- "Kamala Harris will now scramble to come up with some phony ‘digital asset’ policy framework to pander to pro-crypto voters."
- "If the head of the SEC or the commissioners of the SEC cannot instantly answer whether or not some widely used cryptocurrency or coin counts as a security or a commodity, that means the rules that we have right now are a failure."
- "[He will] order the Federal Reserve to grant stablecoin issuers the same access to Fed facilities that incumbent banks enjoy."
- “Whether or not something is a commodity or a security, businesses deserve to know rather than playing regulatory musical chairs.”
Blockhead
We're yet to see how exactly the DOGE (Government Efficiency, not memecoin) will shape up and how Musk and Ramaswamy will steer the department but their overall support for the crypto industry reinforces that the sectors should be in safe hands under the new administration. It's a tongue-in-cheek move but an encouraging one at that.
Elsewhere
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Blockcast
This week's Blockcast features Aethir co-founder Mark Rydon, who tells Blockhead why he decided to take on the challenges with centralized GPU clouds, such as Google's Stadia, which struggled to provide low-latency gaming services economically.
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Events
Devcon (Bangkok, 12-15 November 2024)
Following Devcon Bogota in 2022, the Ethereum Foundation is set to host Devcon SEA, the 7th edition of its premier developer and community conference.
This landmark event is expected to bring together a diverse group of individuals, including developers, researchers, academics, and community members, to explore the future of Ethereum and its potential to reshape society.
Tickets are available here, with discounts for local builders, students and teachers, and youth.
Consensus (Hong Kong, 18-20 February)
Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.
Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.
Use promo code BLOCKDESK20 at checkout for a 20% discount on tickets here.
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