Brian Armstrong, the head of Coinbase
Armstrong views this initiative as a moment for the United States to expand economic liberties. On November 17, he shared his belief on X that DOGE could serve as a platform to revitalize government operations and enhance economic opportunities.
The Coinbase CEO emphasized the need to cap federal spending, suggesting it be limited to 10% of the nation’s gross domestic product (GDP).
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What Does Staking Mean in Crypto? (Easily Explained!)
Armstrong argued that while the US Constitution laid a strong foundation, it may not have adequately accounted for the long-term risks of unchecked democratic government growth. He noted:
The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff).
Armstrong stressed the importance of implementing measures to encourage responsible government spending, stating the idea of establishing a US sovereign wealth fund. This fund would allocate shares to every citizen, distributing dividends from budget surpluses and directly involving the public in the country’s fiscal outcomes.
Despite sharing an acronym with the popular cryptocurrency Dogecoin
In other news, Elon Musk's plan for an OpenAI ICO never materialized, leaving questions about its potential impact on AI funding. Why didn’t the ICO take off? Read the full story.
