A month ago, no one could have predicted this. Yet today, we are seriously discussing the U.S. Treasury moving all of its transactions onto a blockchain. As we know, this technology underpins cryptocurrencies like Bitcoin, and the proposal is largely thanks to the increasing involvement of crypto advocate Elon Musk in the U.S. government’s affairs.
A self-proclaimed government cost-cutter, the world’s richest man and newly unelected politician has been focusing his energies on the recently launched Department of Government Efficiency, or DOGE for short. This is named after the eponymous memecoin for which Musk has become a cheerleader. In a nutshell, the new department’s job is to “rip the waste out of [America’s] $6.5 trillion budget,” at least according to Trump’s Commerce department nominee Howard Lutnick. And Musk believes a large proportion of this waste is coming from the misuse of Treasury funds.
