Coinbase CEO Brian Armstrong expressed positive sentiments for the newly created Department of Government Efficiency (DOGE), which billionaire Elon Musk and Vivek Ramaswamy will head.
On Aug. 20, United States President-elect Donald Trump floated the idea of bringing Musk into his Cabinet or giving the billionaire an advisory role starting in January 2025. At the time, Trump did not specify which department he planned to put the Tesla CEO in.
On Nov. 13, Trump appointed Musk and Ramaswamy to lead a new government agency focused on increasing efficiency by reducing federal spending and cutting regulations. DOGE will slash unneeded regulations, cut wasteful expenses and restructure federal agencies.
Meanwhile, Armstrong thinks the new government agency is an opportunity for the country to increase its economic freedom.
Coinbase CEO thinks “DOGE” can increase economic freedom
On Nov. 17, the Coinbase executive posted on X that the new department is an opportunity to “increase economic freedom” in the US and bring the government back on track. Armstrong wrote:
“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).”
The Coinbase CEO suggested that to future proof this issue, the country may need to amend its constitution to limit the total government expenditure, floating 10% as a suggested figure. 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. With this, budget surpluses would provide dividends to the shareholders. “Every citizen then has skin in the game. Maybe Congress gets a slightly larger stake,” Armstrong added.
Related: Election delivers big win for crypto, economic freedom — Coinbase CEO
Dogecoin’s price surge after presidential elections
While the government department has a similar acronym to Dogecoin’s (DOGE) ticker, the department has no relationship with the memecoin.
Despite this, the Dogecoin token performed well after the US elections and the creation of a government agency with a similar name. A day after Musk posted about the government agency, Dogecoin reached a yearly high of $0.39 before a slight correction.
Year-to-date chart of Dogecoin. Source: CoinGecko
Musk has been accused of manipulating Dogecoin prices in 2022 but has recently beaten the lawsuit.
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