Coinbase (COIN) CEO Brian Armstrong has thrown his support behind the newly announced U.S. Department of Government Efficiency (DOGE). The agency, led by Elon Musk and Vivek Ramaswamy, aims to cut federal waste and streamline government operations. It was revealed by President-elect Donald Trump on November 13.
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While unrelated to the popular cryptocurrency Dogecoin (DOGE-USD), the agency’s acronym caused an immediate stir in the crypto world. DOGE’s price surged to a yearly high of $0.39 following the announcement.
Armstrong sees the creation of DOGE as more than a political move. In a post on X, he called it an opportunity to “increase economic freedom” in the U.S. He suggested ambitious reforms, including a constitutional amendment to cap government spending at 10% of GDP. “The founding fathers were geniuses,” Armstrong wrote, “but may have missed the adverse incentives which grow the size of democratic government over time.”
COIN CEO Proposes Bold Economic Reforms
Armstrong didn’t stop there. He floated the idea of a sovereign wealth fund where all U.S. citizens would hold shares, earning dividends from budget surpluses. According to him, this model would align citizens’ incentives with Fiscal responsibility. “Every citizen then has skin in the game,” he noted, adding that Congress could even hold a larger stake.
Dogecoin’s Price Soars Yet Again
Though the DOGE agency has no connection to Dogecoin, Musk’s history with the memecoin fueled its 30% surge after the announcement. While Musk successfully defended against allegations of manipulating DOGE prices in 2022, his influence over crypto markets remains a constant.
At the time of writing, Dogecoin is sitting at $0.3728.
