Musk is positioning himself as a key figure in the future Trump administration.
His flagship project: the Department of Government Efficiency (DOGE), a proposed initiative to reduce U.S. debt.
President-elect Trump has defended the idea of using Bitcoin as a national reserve.
Tesla CEO Elon Musk’s fortune has surpassed $300 billion, growing as Tesla’s stock soars. With former President Donald Trump’s election win, Musk is gearing up to implement campaign promises related to government reform and fiscal efficiency.
Musk, tasked with U.S. government reform. Tesla’s shares are on the rise, as the market expects the Trump administration to favor policies supporting autonomous and electric vehicles. But Musk’s role extends beyond automotive regulations.
During the campaign, Trump called for “drastic reform,” and Musk is set to take the lead in that effort.
Department of Government Efficiency (DOGE). Musk’s proposal DOGE—an apparent reference to the dogecoin cryptocurrency—aims to tackle the national debt and reduce the number of federal employees in the government. Though specifics on DOGE’s structure and measures are unclear, the concept has been mentioned repeatedly in Trump’s circle.
“Debt growth is unsustainable.” The U.S. debt, nearing $35 trillion, has ballooned in recent decades, a trend Musk describes as “unsustainable.”
Musk describes “excessive government spending as driving America into bankruptcy,” referring to stimulus to fight the pandemic, investment in technology, and pressure on interest rates.
A federal bitcoin reserve to pay down debt. In an August interview with Fox Business, Trump described cryptocurrencies as “very interesting.”
“Maybe we’ll pay off our $35 trillion debt by handing them a little crypto check, handing them a little bitcoin,” he said. This is an apparent reference to using bitcoin and its growth as a method to try to reduce debt.
During the 2024 Bitcoin conference, Trump advocated for a “national strategic reserve of bitcoins.” Republican Senator Cynthia Lummis introduced the idea of a federal reserve accumulating one million BTC over five years: “This strategic Bitcoin reserve would be required to hold onto the Bitcoin for 20 years, usable only for national debt reduction during that period.”
With Musk’s sights set on U.S. debt restructuring, the idea of leveraging bitcoin’s growth is back in the spotlight.
Image | Mathieu Turle (Unsplash)
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