TradingKey - Elon Musk believes the U.S. government has no plans to adopt Dogecoin. He raised questions about the future of a Dogecoin spot ETF.
On March 30, during a town hall meeting hosted by a political action committee, Musk clarified the distinction between the federal government’s efficiency department named "DOGE" and Dogecoin (DOGE).
Musk stated that the government does not plan to adopt Dogecoin. Musk noted, "It's a coincidence that their names are similar. We just want to improve government efficiency by 15%."
The efficiency department’s name, "DOGE," was inspired by Musk's adoption of online suggestions. When the Department of Government Efficiency launched its website, it featured Dogecoin as its avatar.
Now, as a significant figure in the Trump administration, Musk has publicly distanced Dogecoin from the efficiency department. This suggests that Dogecoin is unlikely to become part of the U.S. cryptocurrency strategic reserve. It also raises concerns about the SEC approving a Dogecoin spot ETF.