Trump Says Elon Musk Will Co-Lead Future Department Of Government Efficiency, Dogecoin Surges 20%

Last night, President-elect Donald Trump announced entrepreneurs Elon Musk and Vivek Ramaswamy as leaders of the future Department of Government Efficiency. The new department Trump expects to create during his government has been referred to as DOGE, the same name as Musk’s memecoin DOGE, and the cryptocurrency surged over 20% this Tuesday.

“These two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” said Trump in a public announcement.

According to CNBC, Tuesday night Dogecoin went up nearly 20%. Since the elections, the cryptocurrency has increased its value by 153% surpassing Bitcoin—which increased its value by 30%. It could be a sign that retail investors are interested and willing to take risks.

This week, the Bitcoin price surpassed its record high above $82,000. Trump’s support of the crypto market during his campaign and now government plans have increased crypto investors’ confidence and interest in the near future.

Elon Musk invested around $200 million—as reported by the Associated Press—to help the republican candidate during his campaign and Trump promised the billionaire participation during his government.

Trump said the new department will be “the Manhattan Project” of the moment and is expected to optimize bureaucratic processes in the United States and reduce government spending.

Musk has previously complained publicly about U.S. bureaucracy in executing his ambitious projects with his multiple tech companies. In September he explained that the government has been slowing down his space missions like Starship missions to colonize Mars, and expressed his concerns about Kamala Harris winning the elections.