30s Summary

Future U.S. President Donald Trump has named Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE). This new agency aims to cut unnecessary rules, regulations, and spending in the U.S. government, which totals approximately $6.5 trillion per year. This has also impacted the cryptocurrency market, with the price of Dogecoin (DOGE) experiencing a significant increase since Trump’s election win. Musk and Ramaswamy’s appointments highlight their growing relationship with Trump and their shared passion for deregulation and efficiency in the crypto market.

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So, future U.S. President Donald Trump has enlisted Elon Musk and Vivek Ramaswamy to spearhead a brand-new government agency. They will be at the helm of the Department of Government Efficiency (DOGE), a group that intends to trim federal spending and chop unnecessary rules and regulations.

Trump says this new team will “break down government red tape, axe surplus regulations, get rid of needless spending, and shake up federal agencies.” It sounds like they’re ready to turn some tables!

Musk seems equally pumped, saying, “This will shake things up, especially for those involved in government waste, which, let’s be honest, is a copious amount of people.”

The freshly minted DOGE has set its sights on cutting waste from the U.S. government’s staggering $6.5 trillion in yearly spending. Its mission includes getting advice from non-government sources and buddying up with the White House and Office of Management and Budget to ignite a “huge structural reform.” Sounds like they’re going for a business-minded approach to government, something we haven’t seen before.

And in the crypto world, things are heating up too! Since Trump’s election victory, the price of Dogecoin (DOGE) – which happens to be Elon Musk’s favorite digital currency – has skyrocketed, recording a whopping 150% increase.

This partnership between Musk and Trump amplifies the growing bond between them, ever since Musk reinstated Trump’s X account in November 2022. This was shortly after Musk took over Twitter (now known as X) for a cool $44 billion.

This doesn’t come as much of a surprise, though. Back in August, Trump had hinted that he was considering offering Musk a spot in his Cabinet or an advisory role if he clinched the presidency.

Meanwhile, Vivek Ramaswamy, the other head of DOGE, is yet another major proponent of cryptocurrency. In fact, in November 2023, during his presidential campaign, he called for widespread deregulation of cryptocurrency. Although he ended up dropping out of the 2024 presidential race in January, his influence on crypto markets is still evident.