Elon Musk: The US Government Has No Plans to Use Dogecoin
The billionaire insists that the name of the Department of Government Efficiency has nothing to do with Dogecoin (DOGE).
Elon Musk has denied rumors that the US government has plans to use Dogecoin, after confusion arose between the cryptocurrency and a new federal agency called the Department of Government Efficiency (DOGE).
Speaking at an event in Green Bay, Wisconsin, hosted by his political organization America PAC on March 30, Musk said:
"There are no plans for the government to use Dogecoin or anything like that, as far as I know."
Elon Musk Holds a Town Hall in Green Bay, Wisconsinhttps://t.co/ldqpIFj2ke
— America (@america) March 31, 2025
He explained that DOGE is just an initiative to literally make government operations 15% more efficient, and has absolutely nothing to do with cryptocurrencies.
In February, the official website of the Ministry of Government Efficiency unexpectedly displayed an image of Dogecoin's Shiba Inu symbol, causing DOGE's price to skyrocket 14%, reaching a market capitalization of $58 billion.
In contrast, the billionaire's recent comments have had little impact. DOGE has dropped 5.2% in the past 24 hours, and is trading around $0.1626.
The name DOGE originated from online suggestions. Musk originally planned to name the agency the Government Efficiency Commission, but found it too boring. The online community then proposed changing it to the Department of Government Efficiency, and he agreed.
DOGE was officially established in November 2024 and became the centerpiece of US President Donald Trump's plan to streamline the government apparatus. This initiative aims to cut spending, eliminate overlap in management, and restructure federal agencies.
Since its inception, DOGE has pointed out a $100 billion annual spending gap in the US government's financial system. Since then, it has implemented a series of drastic measures, including large-scale layoffs and budget cuts for programs on climate change, scientific research, as well as diversity, equity, and inclusion (DEI) policies.
Agencies that have been heavily affected include USAID (United States Agency for International Development), CFPB (Consumer Financial Protection Bureau), and SSA (Social Security Administration). DOGE is currently facing multiple lawsuits aimed at limiting its power.
Elon Musk's DOGE Ministry has been reported to be exploring the use of blockchain to cut federal spending since late January.
Musk's role in DOGE remains controversial, however. The White House has insisted he is only a senior adviser with no decision-making power, while Trump has publicly referred to Musk as the head of the agency. Musk has also stressed that he does not receive any compensation for his role.
Dogecoin update: The project has just launched its official reserve fund. As part of the initiative, House of Doge - a commercial partner of the Dogecoin Foundation - purchased 10 million DOGE, about $1.8 million, marking a major step in its efforts to turn Dogecoin into a viable international currency.
