Elon Musk, the controversial CEO of Tesla and Donald Trump, who won the presidential election in November, has nominated Musk to lead the new Department of Government Efficiency (DOGE).
In a video that Musk himself recently shared on X, the entrepreneur outlines his plans to make the American government more efficient.
Musk warns of financial risks
In the video, Musk addresses a room full of people and warns about the bleak financial future of the United States. According to him, the country will go bankrupt if the government continues with the current spending patterns. Musk argues that there is only one solution: drastically reduce costs. This would mean, among other things, that entire ministries would be closed down and many civil servants dismissed.
National debt is spiraling out of control
Musk emphasizes that the government’s inefficient spending is financed by tax dollars from hardworking Americans. He states that it is essential to handle this money carefully. The numbers speak for themselves: the US national debt is a whopping $36 trillion, which equates to more than $100,000 per capita.
According to Musk, ordinary Americans are the victims of this policy. Printing extra dollars to cover budget deficits leads to inflation and declining purchasing power. If Musk succeeds in bringing about positive change with the DOGE project, it could have major consequences for the average American.
What does DOGE mean for the crypto market?
Musk’s appointment may also have an impact on the crypto market. Musk is known for his strong connection with cryptocurrencies; for example, Tesla invested billions of dollars in Bitcoin (BTC). The crypto community hopes that Musk will bring more attention to cryptocurrencies through the DOGE project, for example by introducing a BTC reserve system as a solution to government debt.
In addition, it is notable that the program is called DOGE, a direct reference to Dogecoin (DOGE). This could further increase the popularity of this altcoin and attract new investors.
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Source: https://newsbit.nl/musk-waarschuwt-voor-faillissement-vs-kosten-drastisch-omlaag-of-ondergang-dreigt/