Coinbase CEO Brian Armstrong praised the newly established Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, as a chance to boost economic freedom in the U.S.
On August 20, United States President-elect Donald Trump proposed the inclusion of Musk in his Cabinet or the appointment of the billionaire to an advisory position beginning in January 2025. Trump did not specify the agency in which he intended to place the Tesla CEO at the time.
Musk and Ramaswamy were appointed by President Trump on November 13 to lead a new government agency that is dedicated to enhancing efficiency by reducing federal spending and reducing regulations. DOGE will reduce unnecessary regulations, reduce wasteful expenditures, and reorganize federal agencies.
Coinbase CEO Remark on DOGE
In the interim, Armstrong believes that the establishment of the new government agency presents an opportunity for the nation to enhance its economic autonomy.
The CEO of Coinbase believes that “DOGE” has the potential to enhance economic freedom.
The Coinbase executive stated on November 17 on X that the new department presents an opportunity to “increase economic freedom” in the United States and reestablish the government back on track. Armstrong composed the following:
“The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff).”
In order to address this issue in the future, the CEO of Coinbase recommended that the country amend its constitution to restrict the total government expenditure, with a suggested figure of 10%.
The executive also said that the government needs to have the right incentives for spending so that it does not ?get totally out of control? in the long term.
The executive also floated the idea of having a sovereign wealth fund in the US, where every one of its citizens will have a share. As a result, shareholders would receive dividends from budget surpluses. “Thereafter, each citizen invests in the outcome.” Armstrong also suggested that Congress may acquire a marginally greater stake.
The price of Dogecoin experienced a significant increase following the presidential elections.
Although the government department’s acronym is similar to Dogecoin’s (DOGE) ticker, there is no affiliation between the department and memecoin.
The Dogecoin token, despite this, experienced a strong performance following the US elections and the establishment of a government agency with a comparable name. A day after Musk posted about the government agency, Dogecoin reached a yearly peak of $0.39 before a slight correction.
