Influential tech entrepreneur Elon Musk categorically ruled out the idea of the U.S. government using Dogecoin (CRYPTO: DOGE) on Sunday, even though his initiative, the Department of Government Efficiency, makes a playful reference to the meme-based cryptocurrency.
What Happened: During a town hall event in Green Bay, Wisconsin, Musk was asked whether the Dogecoin blockchain might be used to improve government transparency.
“Well the names are similar, but they’re doing two very different things,” the Tesla and SpaceX CEO responded.
Musk stated that he first planned to name the department the “Government Efficiency Commission” but changed it to the Department of Government Efficiency after receiving suggestions on the internet.
“But there are no plans for the government to use Dogecoin or anything as far as I know,” Musk clarified.
This statement comes in the wake of Musk’s previous comments comparing investments in meme coins like Dogecoin to casino games. He had warned investors against pouring their life savings into such assets.
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Why It Matters: Musk has been an avid supporter of Dogecoin, and his social media posts have routinely sent the dog-themed cryptocurrency rallying.
Moreover, his automobile firm, Tesla, previously accepted Dogecoin payments. Last year, he expressed a desire to reinstate the option for the company’s merchandise.
The Department of Government Efficiency, or DOGE, an entity tasked with cutting federal spending and abolishing excess regulations, has faced flak for seeking access to sensitive government systems such as the Treasury Department. However, President Donald Trump continues to support the initiative.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1667, down 3% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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