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coinpedia 2024-12-10 13:50:44

Elon Musk’s Call for Government Efficiency Sparks Optimism for DOGE, Investors Eye $1.05 Rally

Elon Musk’s Call for Government Efficiency Sparks Optimism for DOGE, Investors Eye $1.05 Rally

The post Elon Musk’s Call for Government Efficiency Sparks Optimism for DOGE, Investors Eye $1.05 Rally appeared first on Coinpedia Fintech News In a latest X post, Elon Musk has yet again caught the attention of the market participants regarding the newly established Department of Government Efficiency, which aims to cut federal government spending while making government departments more efficient at lower costs. Notably, it has gained significant attention post-Trump’s win. Time to clean up this humongous mess! https://t.co/90RtL0vIsq — Elon Musk (@elonmusk) December 10, 2024 “Time to clean up this humongous mess” noted Musk. He reiterated the sentiment shared by DOGE that the Federal government spends 80% of its annual $100 billion IT budget on maintaining outdated systems. Earlier, he had raised similar issues regarding the excess federal spending, highlighting the need to cut costs. “Not only are older systems more expensive to maintain, but they are also more vulnerable to hackers,” read the message, that was shared by the official DOGE account. In a seperate X post , Musk had shared that the Federal government computers & software are in such bad shape that they often cannot verify that payments are not fraud, waste or abuse. Musk has been vocal about the alarming state of the US government’s IT infrastructure. He further added “That’s why the government can’t pass basic audits. They often LITERALLY don’t know where your tax dollars went. It’s insane.” To support his concerns, Musk referenced a 2019 government watchdog report that identified 10 federal IT systems as outdated. The report highlighted that maintaining these systems costs approximately $337 million annually and that their continued use exposes the government to “known security vulnerabilities.” Musk argued that these challenges hinder effective governance and accountability. “The Volunteer IT Consultant” Musk revealed that his preferred title in the new administration is ‘Volunteer IT Consultant’. He emhasized the need to fix the IT infrastructure to make the government work. “This is a grind & hardly glorious, but we can’t make government efficient & fix the deficit if the computers don’t work,” he shared. After winning the US Presidential election, Donald Trump appointed Musk and Vivek Ramaswamy to lead the department, sparking discussions in the market. Musk’s recent comments have also sparked optimism among investors over Dogecoin, as evidenced by the surge in the recent Dogecoin price. Also, Musk has shared a series of cryptic posts recently, which has also pushed the DOGE price higher. Meanwhile, the market experts appear to have remained bullish on the top dog-themed meme coin despite the recent pullback. Experts predict Dogecoin price rally to $1.05 in the coming days.

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