Coinbase CEO Backs DOGE for Govt Efficiency Revolution

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Coinbase CEO Calls 'DOGE' a Game-Changer for Economic Reform in America

Written byAaron S.,

Editor-In-Chief

Last Updated: November 18, 2024

Key Takeaways

Brian Armstrong supports DOGE as a chance to increase economic freedom, proposing a 10% GDP cap on federal spending;
Armstrong suggests creating a sovereign wealth fund where citizens receive dividends from budget surpluses;
The DOGE agency, led by Elon Musk and Vivek Ramaswamy, seeks to reduce government waste and streamline operations.

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Brian Armstrong, the head of Coinbase

$2.75B

, has publicly endorsed an initiative known as the Department of Government Efficiency (DOGE), a federal agency that Elon Musk and Vivek Ramaswamy will lead.

Armstrong views this initiative as a moment for the United States to expand economic liberties. On November 17, he shared his belief on X that DOGE could serve as a platform to revitalize government operations and enhance economic opportunities.

The Coinbase CEO emphasized the need to cap federal spending, suggesting it be limited to 10% of the nation’s gross domestic product (GDP).

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Armstrong argued that while the US Constitution laid a strong foundation, it may not have adequately accounted for the long-term risks of unchecked democratic government growth. He noted:

The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff).

Armstrong stressed the importance of implementing measures to encourage responsible government spending, stating the idea of establishing a US sovereign wealth fund. This fund would allocate shares to every citizen, distributing dividends from budget surpluses and directly involving the public in the country’s fiscal outcomes.

Despite sharing an acronym with the popular cryptocurrency Dogecoin

DOGE $0.2324

, the new department is entirely unrelated to the memecoin. Its focus is driving governmental efficiency and promoting economic freedom rather than engaging in cryptocurrency-related initiatives.

In other news, Elon Musk's plan for an OpenAI ICO never materialized, leaving questions about its potential impact on AI funding. Why didn’t the ICO take off? Read the full story.