Elon Musk, the Tesla billionaire who is the main US President Donald Trump, the government efficiency department, is no stranger to bitcoin, crypto and blockchain – with his social media platform X ready to explode the price of bitcoin.
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Bitcoin’s price has exploded over the past year, helped by Trump’s election victory, Wall Street’s embrace of it, and Musk declaring a “financial emergency.”
Now, as Trump’s shock plans for crypto suddenly emerge, a leak has revealed that Musk may be considering using Bitcoin-inspired blockchain technology to power his Doge department.
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Elon Musk, the Tesla billionaire who was accused of running Donald Trump Doge Department of … (+)
Musk, who was tapped to run the Doge Department by Trump transition team leader Howard Lutnick before Lutnick was named Commerce secretary, has held discussions about using data technology. blockchain which underpins 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 has been discussion of using blockchain to track federal spending, secure data, make payments and manage buildings.
It’s unclear whether Musk plans to use an existing blockchain, like Bitcoin’s, Ethereum’s, Dogecoin’s or one of thousands of smaller blockchains that have their own cryptocurrencies, or if he prefers to create a new blockchain purpose built.
After Musk took over Twitter, which he later renamed X, Musk also debated adding blockchain technology to the platform before dropping the idea, text messages between Musk and his brother Kimbal revealed in 2022.
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Dogecoin price exploded higher after Donald Trump’s election victory, rising with … (+)
The Doge department is a nod to the Shiba Inu Doge meme which is also linked to the cryptocurrency of Dogecoin, named by Musk as his “favorite” cryptocurrency and accepted as payment by his car company Tesla.
Dogecoin’s price exploded higher after Trump’s election victory, rising with the price of bitcoin, as traders bet Musk’s closeness to the US president will further strengthen the meme-based cryptocurrency.
This week, Trump followed his campaign promise to make crypto policy review one of his administration’s priorities, ordering the creation of a cryptocurrency task force to propose new regulations and explore the creation of a national cryptocurrency stock.
Trump’s crypto and artificial intelligence czar, venture capitalist David Sacks, will chair the group, with Sacks – an early investor in Ethereum rival Solana – practiced by Trump later saying Fox business Trump’s actions showed he was following through on his promise to make the United States the “crypto capital” of the world, something Trump also told attendees of the World Economic Forum in Davos.
