Bitcoin stays at $90,000? “Crypto Effect” of Department of Government Effectiveness under Trump

Bitcoin (BTC) is holding steady near $91,500 after breaking out of a symmetrical triangle. This breakout presents a bullish trend, supported by institutional investment and political factors. In this context, President-elect Donald Trump announced the establishment of the Department of Government Effectiveness (DOGE) and appointed Tesla CEO Elon Musk and entrepreneur Vivek Ra Vivek Ramaswamy is responsible for cost-cutting efforts in federal spending.

Musk and Ramaswamy plan to save $2 trillion, or 30% of the federal government's $6.7 trillion annual budget. But two-thirds of that is mandatory spending, including Social Security and Medicare, so only one-third is discretionary spending.

Trump established the Department of Government Effectiveness (DOGE) to "cut excessive regulations, reduce wasteful spending, and reorganize federal agencies." It's not a formal government department, but Musk and Ramaswamy will provide advice on areas that need improvement.

Musk's influence goes beyond cost-cutting rhetoric; he mentioned on Twitter that he wants to shrink federal agencies from more than 400 to 99. This is consistent with Trump’s broader goal of making the United States a leader in cryptocurrency and government efficiency.

Trump established DOGE (Department of Government Efficiency) to "cut excessive regulations, reduce wasteful spending, and reorganize federal agencies." It's not a formal government department, but Musk and Ramaswamy will advise on areas for improvement.

Musk's influence goes beyond cost-cutting rhetoric; he mentioned on Twitter that he wants to reduce the number of federal agencies from more than 400 to 99. This is consistent with Trump’s broader goal of making the United States a global leader in cryptocurrency and government efficiency.