Elon Musk clarified on Sunday that there are no plans for the U.S. government to adopt Dogecoin.
Speaking at a town hall meeting hosted by his political action committee, America PAC, Musk addressed growing rumors about the memecoin’s potential involvement with the government.
Musk’s Explanation on the Department Name
The speculation arose after the announcement of a new federal department, originally named Government Efficiency Commission. The department’s name, which was changed to DOGE, led some to believe that Musk’s long-standing support for Dogecoin might play a role in the government’s efficiency push. Musk clarified that the department’s name was inspired by suggestions on the internet, noting, “The names are similar, but they’re doing two very different things.” Musk explained the goal was simply to make the government 15% more efficient, not to adopt Dogecoin.
Speculation Around DOGE and Government Involvement
The initial announcement sparked market excitement, with Dogecoin’s price briefly increasing, particularly after the department’s name change. Additionally, Dogecoin’s logo had appeared on the department’s official website after Donald Trump’s inauguration, fueling further speculation. However, Musk reaffirmed that there are no plans to integrate Dogecoin into government operations.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/elon-musk-clarifies-u-s-government-wont-adopt-dogecoin-despite-speculation/