Its stated goal is to look for ways to reduce government spending to “drive large-scale structural reform.”
This department doesn’t exist yet and will likely not launch as an official government department.
Establishing an official government department requires an act of Congress.
Musk has been a big proponent ofdogecoinover the years.
It’s remained high with slight fluctuations since then.
“Elon Musk’s appointment to launch the Department of Government Efficiency i.e.
Dogecoin peaked in May 2021, then dropped substantially.
Cryptocurrency values for other digital coins have been increasing since Trump’s presidential victory last week.
Should I invest in dogecoin, bitcoin or other cryptocurrencies?
Investing in cryptocurrency can be risky.
It’s a highly volatile investment vehicle.
Diversifyingyour portfolioto help reduce your risk is also generally recommended.
It’s always advisable to consult with a trusted financial adviser before making changes to your investment strategy.
Why is crypto so volatile?
Cryptocurrencies like dogecoin and bitcoin do not have fully established valuation methods like other stocks and investments.
Instead, the price is driven up mostly by hype.
We’ve seen crypto rise to historic highs only tocrash to dramatic lowsshortly after.
That makes this asset class extremely risky.
“The crypto market has never been a good place to invest.
But for now, he warns that it still remains a risky asset class.
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