Elon Musk's net worth has surpassed $300 billion, fueled by a significant rise in Tesla's stock. However, Musk's ambitions extend beyond business success as he prepares to take on a substantial role in reshaping the U.S. government.
As Tesla's value climbs in anticipation of favorable government regulations, Musk appears poised to drive political change, particularly in transportation and technology.
A bold proposal has emerged for a new government entity called DOGE, an acronym referencing the popular cryptocurrency Dogecoin. Musk envisions DOGE as a "Department of Government Efficiency" aimed at reducing the U.S. national debt and streamlining government operations, potentially including cuts to federal employment.
While details remain sparse, Musk has publicly discussed the concept on several occasions. His advocacy for addressing the national debt is particularly pertinent, given that the U.S. federal debt currently stands at approximately $35 trillion, a figure that continues to rise. Musk has repeatedly described this debt as "unsustainable," echoing concerns about the long-term impact of excessive government spending.
From pandemic-related stimulus measures to technology investments and rising interest rates, Musk argues that the U.S. government's fiscal strategy is heading toward a financial crisis.
Former President Donald Trump has also raised the possibility of utilizing cryptocurrencies, specifically Bitcoin, to help reduce the national debt. In an interview, Trump suggested paying off the national debt with Bitcoin, which has seen significant growth in recent years.
This idea gained traction during the Bitcoin 2024 conference, where Trump endorsed the establishment of a "national strategic reserve of bitcoins." Senator Cynthia Lummis proposed that the U.S. could accumulate a million BTC over five years, holding it for two decades to alleviate the national debt.
As Musk seeks to tackle the national debt issue, the notion of leveraging Bitcoin's growth to aid financial efforts is being revisited. It remains uncertain if this idea will gain momentum, but with Musk's influence and the rising popularity of digital assets, the potential for such a strategy is becoming a topic of discussion.