Coinbase CEO Advocates Blockchain US Treasury, Citing $36 Billion Saved by DOGE Initiative

Elon Musk’s Department of Government Efficiency (DOGE) has reportedly saved US taxpayers US$36.7 billion (AU$58.65 billion), leading to discussions on integrating blockchain technology for greater transparency in government spending.

According to Doge-tracker data, the savings amount to 1.8% of Musk’s goal of reducing government spending by up to US$2 trillion (AU$3.2 trillion), a vision he outlined in a Jan. 9 interview with political strategist Mark Penn. 

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Coinbase CEO Brian Armstrong praised the progress, advocating for transparency in government financial operations, stating:

Great progress DOGE. Imagine if every government expenditure was done transparently onchain. Would make it much easier to audit.

Brian Armstrong, Coinbase CEO

Blockchain Creates More Level Playing Field

Blockchain technology has been proposed as a potential solution for improving transparency in government spending. Decentralised blockchain ledgers allow public verification of transactions, which could make financial systems more accountable. 

Some proponents suggest a blockchain-based treasury system where spending proposals require majority approval before funds are allocated. By implementing blockchain in public procurement, governments can create a more transparent bidding process, preventing favoritism and tampering. Smart contracts can detect unauthorised transactions and identify irregular spending patterns. 

The key point Armstrong highlights is that blockchain also streamlines auditing by providing automated, tamper-proof records, making financial oversight more efficient, with citizens benefiting from increased access to spending data as they could hold government officials accountable.

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DOGE’s efforts, which began on Jan. 21, are scheduled to continue until July 4, 2026, to create a more efficient government with reduced bureaucracy. A new plan outlining further steps for government efficiency is expected to be issued on the 250th anniversary of the Declaration of Independence.