U.S. Has No Plans To Utilize Dogecoin, Elon Musk Says

Julia Smith
2025-03-31 16:34:00
cryptonews.com

Last updated: March 31, 2025 16:34 EDT

Author

Julia Smith

Author

Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

Last updated:

March 31, 2025 16:34 EDT

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Key Takeaways:

The initiative seeks to revamp outdated IT systems and cut bureaucratic bloat, potentially centralizing data but raising oversight concerns.
By rebranding cost-cutting as efficiency, the project blurs lines between private innovation and public accountability, igniting debates over ethics and legal authority.
Separating the digital asset hype from structural reform challenges both crypto market speculation and traditional federal processes.

The United States made no indication it would adopt Dogecoin, according to Elon Musk, who addressed concerns about the cryptocurrency during a town hall meeting in Green Bay, Wisconsin, on Sunday.

Elon Musk: No Government Plans for Dogecoin Use

“There are no plans for the government to use Dogecoin or anything as far as I know,” Musk said at the March 30 event hosted by the America PAC.

Musk acknowledged the name similarity but said the missions of Dogecoin and the government agency are unrelated.

“We’re literally just trying to make the government 15% more efficient,” he added.

Dogecoin’s Accidental Rise

Created by software engineers Billy Markus and Jackson Palmer in 2013, Dogecoin began as a parody of early cryptocurrency hype.

The Shiba Inu-themed coin unexpectedly gained traction, reaching a peak market cap of over $84 billion in 2021.

DOGE, on the other hand, refers to Trump’s newly created agency aimed at cutting regulatory red tape and lowering government expenditures.

The initiative launched in January after Trump returned to office and has already triggered controversy for laying off tens of thousands of federal workers.

Musk’s growing visibility in Trump’s government initiatives has brought scrutiny, particularly following DOGE’s recommendation to eliminate thousands of federal positions.

Elon Musk draws fire over Tesla share slump

Elon Musk launched the America PAC in 2024 to support Trump’s campaign, with backers including Gemini co-founders Tyler and Cameron Winklevoss and former Sequoia Capital partner Douglas Leone.

The CEO’s involvement with the Trump administration has raised concerns among Tesla shareholders.

“My Tesla stock, and the stock of everyone who owns Tesla, has roughly halved,” Musk said. “I mean, it’s a big deal.”

Concerns from investors included not just Musk’s political alignment, but also confusion over whether Dogecoin would play a role in federal initiatives. As of Monday, Dogecoin was down about 1%.

Frequently Asked Questions (FAQs)

What deeper systemic issues is the efficiency drive targeting within federal bureaucracy?

DOGE intends to overhaul legacy IT and streamline administrative redundancies, spotlighting entrenched inefficiencies. However, aggressive cuts may reduce oversight and erode public trust in essential services.

How might clearly dissociating Dogecoin from government use reshape tech and fiscal policy?

By clearly dissociating Dogecoin from federal operations, policymakers can refocus on IT modernization and fiscal discipline, sidestepping market hype and keeping reforms rooted in practical outcomes.

What are the potential risks and benefits of Musk’s approach to government efficiency?

Musk’s strategy may deliver quick savings and modernize legacy systems, but it risks reducing oversight, losing veteran staff, and triggering constitutional disputes over executive authority.

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