Musk’s D.O.G.E exploring blockchain usage
The newly-formed Department of Government Efficiency, or D.O.G.E, led by Elon Musk have reportedly been exploring potential blockchain providers to put federal government systems on-chain. The department would use a blockchain ledger to potentially track government spending and make payments, although no specific blockchain network has been mentioned.
Trump’s new government hasn't waited to introduce change elsewhere for crypto. Along with proposing a bitcoin strategic stockpile and establishing a “Presidential Working Group on Digital Asset Markets”, Ross Ulbricht, the creator of Silk Road was fully pardoned last week. Silk Road played an integral role in Bitcoin’s early history and was on the receiving end of a? 174,000 BTC seizure when the platform closed down. It’s unknown whether Ulbricht owns any Bitcoin.
Elsewhere, there’s more good news for DOGE. Alongside being immortalised by Musk’s D.O.G.E, U.S ETF provider Bitwise officially submitted a registration filing for a dogecoin ETF last week. The largest meme coin by market cap at $45 billion, Dogecoin remains one of the most recognisable crypto tokens on the market. Now, the ETF submission introduces the possibility, if successful, that other meme coins are introduced as ETFs in the future also.
In the wider markets, the week started red across the board. Bitcoin dropped to under $100k, Ethereum close to the $3k mark and Solana fell to lows of $220 as the market takes a breather following Trump’s inauguration and the fervour surrounding crypto-focused executive orders.
Head of Growth at Supertrade.com; Co-Founder of DAO'n'Frens, ex-Head of Marketing at MC2 Finance, ex-CMO at Rentality.xyz, ex-DAO Architect at DIA DAO, Community Leader at Yoshi.exchange DEX Aggregator, DeFi lecturer
1 个月Oh great, because what the government really needs is more efficiency... said no one ever. So, we're putting federal spending on a blockchain now, because clearly, the old system of losing billions in paperwork was too pedestrian. And who better to lead this charge than Elon Musk, the man who's never met a regulation he couldn't tweet about.