The President-elect of the United States of America, Donald Trump has chosen tech billionaire Elon Musk to lead a newly-created Department of Government Efficiency (DOGE) for his incoming administration. Republican Vivek Ramaswamy will work with Musk on the project – whose acronym refers to Musk’s favourite cryptocurrency Dogecoin. The acronym for the newly created position, which found place in an official Trump statement, is in many ways symbolic of some of the positive messaging the President-elect had throughout his campaign around cryptocurrencies, which included announcing bitcoin a strategic reserve, and favourable energy policies for crypto miners. Since Trump’s victory, bitcoin has reached an all-time high, and is close to breaching six figures.
(The article first appeared in The Indian Express on November 14, 2024)