The leak reveals that Doug Musk may be on the cusp of a Bitcoin-inspired price game changer
Elon Musk, the Tesla billionaire who leads US President Donald Trump’s administration of government efficiency, is no stranger to Bitcoin, cryptocurrencies and blockchain – with his social media platform X poised to explode the price of Bitcoin.
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Bitcoin’s price has skyrocketed over the past year, buoyed by Trump’s election victory, Wall Street’s approval and Musk’s declaration of a “financial emergency.”
Now, with Trump’s surprising cryptocurrency plans suddenly coming to light, a leak has revealed that Musk may be planning to use Bitcoin-inspired blockchain technology to support his Doge division.
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Elon Musk, the Tesla billionaire who has been tapped to lead Donald Trump’s Doge division … [+]
The Hollywood Reporter via Getty Images
Musk, who was tapped to lead Doge’s ministry by Trump transition team leader Howard Lutnick before Lutnick was named Commerce secretary, has had discussions about using blockchain technology that powers bitcoin and other cryptocurrencies to save money. I mentioned by Bloombergciting anonymous sources.
People close to Musk told the financial news outlet that there has been talk of using blockchain to track federal spending, secure data, make payments and manage buildings.
It’s not clear whether Musk plans to use an existing blockchain, such as Bitcoin, Ethereum, Dogecoin, or one of the thousands of smaller blockchains that have their own cryptocurrencies, or whether he would prefer to create a new blockchain designed for this purpose.
Following Musk’s acquisition of Twitter, which he then renamed to X, Musk also discussed adding blockchain technology to the platform before throwing out the idea of text messages between Musk and his brother Kimbal. open In 2022.
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The price of Dogecoin skyrocketed after Donald Trump’s election victory, rising alongside … [+]
Forbes digital assets
The Doge section is a nod to the shiba inu doge meme also linked to the cryptocurrency dogecoin, which Musk has called his “favorite” cryptocurrency and has been accepted as payment by his car company Tesla.
The price of Dogecoin has skyrocketed following Trump’s election victory, rising alongside the price of Bitcoin, as traders bet that Musk’s proximity to the US president will further boost the meme-based cryptocurrency.
This week, Trump made good on his campaign promise to make cryptocurrency policy reform one of his administration’s priorities, ordering the creation of a cryptocurrency working group tasked with proposing new regulations and exploring the creation of a national cryptocurrency stockpile.
The Trump administration’s cryptocurrency and AI czar, venture capitalist David Sachs, will chair the group, with Trump praising Sachs – an early investor in Ethereum rival Solana – who later heaped praise on the group. He said Fox Business Trump’s actions showed that he is making good on his promise to make the United States the “crypto capital” of the world, something Trump also told attendees at the World Economic Forum in Davos.
