Elon Musk officially joins Trump, crypto market goes wild

The billionaire Elon Musk, a fervent supporter of the Dogecoin cryptocurrency, and entrepreneur Vivek Ramaswamy have been chosen by Donald Trump to lead a new agency aimed at modernizing and streamlining the operations of the federal government of the United States.

Trump appoints Elon Musk to lead the DOGE agency

It was during an official announcement on X (formerly Twitter) that Donald Trump unveiled on Tuesday evening the appointment of Elon Musk, CEO of Tesla and SpaceX, and Vivek Ramaswamy to head the Department of Government Efficiency (DOGE).

This new agency, whose acronym echoes Musk’s favorite cryptocurrency, will be tasked with deeply restructuring the U.S. administrative apparatus, with a federal budget of $6.5 trillion in its sights.

The mandate is clear: reduce bureaucracy, eliminate unnecessary spending, and modernize the functioning of federal agencies. “Together, these two wonderful Americans will pave the way to dismantle government bureaucracy,” Trump stated, setting a symbolic deadline of July 4, 2026, the date of the 250th anniversary of American independence.

On X, Elon Musk is already announcing the online publication of all agency actions “for maximum transparency.” In a characteristic gesture of his provocative style, the Tesla CEO also promised to establish a “ranking of the most stupid expenses” of American taxpayers, which he himself describes as “extremely tragic and entertaining.”

An immediate impact on crypto markets

This appointment comes at a particular time for the crypto market, especially for Dogecoin, of which Musk is a staunch advocate. The memecoin featuring the Shiba Inu dog has seen a spectacular rise since Trump’s election, currently trading at $0.38 after hitting a peak of $0.43 on Tuesday.

The announcement effect of the appointment was immediately felt on the markets. Despite a slight correction of 9.3% from its Tuesday peak, Dogecoin maintains an impressive 112% increase over the week, according to CoinGecko data. For reference, its historic high of $0.73 was reached on May 8, 2021.

The entire crypto ecosystem reacted positively to this news. This excitement reflects the considerable influence that political decisions now exert on the crypto universe, as the boundary between technological innovation and traditional governance continues to blur.

In summary, the appointment of Elon Musk to lead the DOGE agency marks a turning point in the history of the U.S. administration. This unprecedented merger between technological entrepreneurship and federal governance could redefine the standards of administrative efficiency while creating unexpected synergies with the crypto world.