Billionaire, Donald Trump's closest adviser and head of the US Department of Government Efficiency (DOGE) Elon Musk has come up with another proposal that, in his opinion, should reduce budget expenditures.
He said that all financial transactions of the US Treasury should be conducted via blockchain. Musk made this proposal after gaining access to confidential records of the department. According to the head of DOGE, the Treasury regularly approves questionable payments, and blockchain can ensure strict accountability. He suggests using blockchain to track federal spending, make payments, and manage departmental resources.
And while Musk is confident that integrating blockchain into government operations will reduce costs, his critics warn of economic risks and a weakening U.S. dollar. In addition, legal experts argue that the eccentric billionaire’s access to Treasury records and systems could “violate privacy laws, exposing Americans to data misuse.”
The crypto community also reacted negatively to Musk's proposal. Coincidentally, after this news, the memecoin he supports Dogecoin fell by 15%, Bitcoin decreased by 2,5%, and эфириум fell by 18% at once, showing its worst result since November 2024.
