U.S. Has No Plans to Utilize Dogecoin Despite D.O.G.E., Elon Musk Says
The United States made no indication it would adopt Dogecoin, according to Elon Musk, who addressed concerns about the cryptocurrency during a town hall meeting in Green Bay, Wisconsin, on Sunday.
Elon Musk: No Government Plans for Dogecoin Use
“There are no plans for the government to use Dogecoin or anything as far as I know,” Musk said at the March 30 event hosted by the America PAC. Musk acknowledged the name similarity but said the missions of Dogecoin and the government agency are unrelated.
“We’re literally just trying to make the government 15% more efficient,” he added.
Dogecoin’s Accidental Rise
Created by software engineers Billy Markus and Jackson Palmer in 2013, Dogecoin began as a parody of early cryptocurrency hype. The Shiba Inu-themed coin unexpectedly gained traction, reaching a peak market cap of over $84 billion in 2021. DOGE, on the other hand, refers to Trump’s newly created agency aimed at cutting regulatory red tape and lowering government expenditures. The initiative launched in January after Trump returned to office and has already triggered controversy for laying off tens of thousands of federal workers.
Musk’s growing visibility in Trump’s government initiatives has brought scrutiny, particularly following DOGE’s recommendation to eliminate thousands of federal positions.
Elon Musk draws fire over Tesla share slump
Elon Musk launched the America PAC in 2024 to support Trump’s campaign, with backers including Gemini co-founders Tyler and Cameron Winklevoss and former Sequoia Capital partner Douglas Leone. The CEO’s involvement with the Trump administration has raised concerns among Tesla shareholders.
“My Tesla stock, and the stock of everyone who owns Tesla, has roughly halved,” Musk said. “I mean, it’s a big deal.” Concerns from investors included not just Musk’s political alignment, but also confusion over whether Dogecoin would play a role in federal initiatives. As of Monday, Dogecoin was down about 1%.