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Elon Musk, the Tesla billionaire who’s leading U.S. president Donald Trump’s Doge department of government efficiency, is no stranger to bitcoin, crypto and blockchain—with his X social media platform poised to blow up the bitcoin price.
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The bitcoin price has rocketed higher over the last year, helped by Trump’s election victory, Wall Street adoption and Musk declaring a “financial emergency.”
Now, as Trump’s shock plans for crypto suddenly emerge, a leak has revealed Musk could be planning to use bitcoin-inspired blockchain technology to power his Doge department.
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Elon Musk, the Tesla billionaire who has been charged with leading Donald Trump’s Doge department of … [+]
Musk, who was tapped to lead the Doge department by Trump’s transition team leader Howard Lutnick before Lutnick was named Commerce secretary, has held discussions about using the blockchain technology that under pins bitcoin and other cryptocurrencies to save money, it was reported by Bloombergciting anonymous sources.
Unnamed people close to Musk told the financial newswire that there’s been talk of using a blockchain to track federal spending, secure data, make payments and manage buildings.
It is unclear if Musk plans on using an existing blockchain, such as bitcoin’s, ethereum’s, dogecoin’s or one of thousands of smaller blockchains which have their own cryptocurrencies, or if he would rather create a new, purpose built blockchain.
Following Musk’s take over of Twitter, which he then renamed X, Musk also debated using adding blockchain technology to the platform before ditching the idea, text messages between Musk and his brother Kimbal revealed in 2022.
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The dogecoin price has rocketed higher following Donald Trump’s election victory, surging along with … [+]
The Doge department is a nod to the shiba inu doge meme that’s also linked to the dogecoin cryptocurrency, named by Elon Musk as his “favorite” cryptocurrency and accepted as payment by his Tesla car company.
The dogecoin price has rocketed higher following Trump’s election victory, surging along with the bitcoin price, as traders bet Musk’s proximity to the U.S. president will further boost the meme-based cryptocurrency.
This week, Trump has followed through on his campaign promises to make overhauling crypto policy one of his administration’s priorities, ordering the creation of a cryptocurrency working group tasked with proposing new regulations and exploring 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 the ethereum rival solana—praised by Trump who later told Fox Business Trump’s actions showed he is following through on his promise to make the U.S. the “crypto capital” of the world, something Trump also told World Economic Forum attendees in Davos.
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