Elon Musk denies the US government’s plans for Dogecoin use
Despite Dogecoin’s rise, Musk emphasised its mission is separate from government initiatives like Trump’s DOGE agency.
Elon Musk has clarified that there are no plans for the US government to adopt Dogecoin. He addressed these concerns during a recent town hall in Green Bay, Wisconsin.
Speaking at the 30 March event, Musk denied any government involvement with the cryptocurrency. He stated ‘There are no plans for the government to use Dogecoin or anything as far as I know.’
Dogecoin was initially created in 2013 as a parody. It gained unexpected popularity, peaking at a market cap of $84 billion in 2021.
Despite the Shiba Inu-themed coin’s rise, Musk emphasised that Dogecoin’s mission is unrelated to any government agency. It includes Trump’s newly created agency, DOGE, aimed at reducing regulatory red tape.
Musk’s growing visibility in government initiatives has attracted scrutiny, particularly over the potential downsizing of federal workers. Musk’s involvement with the America PAC has also raised concerns among Tesla shareholders. The CEO acknowledged a significant drop in Tesla stock value.
Meanwhile, questions remain about how Musk’s political alignment could impact the future of Dogecoin and government efficiency efforts.
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