The potential savings of the Department of Government Efficiency (DOGE), helmed by Elon Musk, could be used to purchase bitcoin, setting the basis for establishing a strategic bitcoin reserve in the U.S.
DOGE to BTC? Proposal to Invest US Savings in Bitcoin Floated
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Proposal: DOGE Savings Should Be Used to Purchase Bitcoin
The utilization of the potential savings derived from the activities of the Department of Government Efficiency (DOGE), the institution currently scrutinizing several agencies of the U.S. Federal Government, is being studied.
Through its action, the Elon Musk-helmed institution claims that it has already saved $55 billion for the country, but other sources argue this number is overestimated.
While Musk raised the idea of giving back 20% of the savings to the American people in the form of a DOGE dividend, other proposals including BTC have already been floated.
David Bailey, CEO of Bitcoin Magazine and aide of the Trump presidential campaign, has suggested acquiring bitcoin with these funds, setting the basis for a strategic bitcoin reserve (SBR).
On social media, Bailey stated:
Instead of a DOGE check, USA should use the savings to acquire Bitcoin for the SBR. Then we get both the economic stimulus from a rising bitcoin price and a stronger national balance sheet by retaining the asset.
Bailey remarked this would be “way simpler to execute” compared to issuing 180 million checks for U.S. citizens.
Nonetheless, the DOGE dividend proposal is surging with force, already having the support of President Trump, who qualified the performance of the department as “incredible.”
“So many billions—hundreds of billions—and we’re thinking about giving 20% back to the American citizens and 20% to pay down debt,” Trump stressed, introducing debt payments into the equation.
DOGE has still to scrutinize large agencies of the government, so these numbers can potentially increase, also increasing the potential numbers of this DOGE dividend. Initially, Musk stated he aimed to reach $1 trillion in savings, with many stating this was simply impossible.
Recently DOGE has asked for the assistance of the public in identifying government “waste and fraud,” helping identify inefficiencies that could be corrected to save more money.
Read more: Elon Musk Urges Public to Help DOGE as US Bankruptcy Looms
