Elon Musk, the billionaire CEO of Tesla, has confirmed plans to bring blockchain technology to the U.S. Treasury, following discussions with the Trump administration. Musk, who is now deeply involved in Trump’s White House, aims to use blockchain to track federal spending, secure data, make payments, and manage buildings.
Musk, currently leading a new department focused on government efficiency, known as the Doge department, has criticized current practices within the U.S. Treasury. He claims that career Treasury officials are approving fraudulent or improper payments daily. “This needs to stop now!” Musk posted on X (formerly Twitter), referencing violations of U.S. laws governing payments.
In response to a question about putting the U.S. Treasury on the blockchain, Musk agreed, saying, “Yes!” Blockchain is the technology behind cryptocurrencies like Bitcoin and Dogecoin, Musk’s favorite cryptocurrency.
Musk’s vision for a blockchain-powered Treasury could involve tracking federal spending, securing data, and improving payments and management. It’s still unclear whether he intends to use existing blockchains, such as Bitcoin, Ethereum, or Dogecoin, or create a new one specifically for the U.S. government.
This comes after reports that Musk has discussed using blockchain to save money and improve efficiency within the U.S. government. Sources close to Musk say he has already held discussions about these ideas with Trump’s administration.
The Doge department, a playful reference to the popular Dogecoin meme, is also seen as part of Musk’s broader efforts to push cryptocurrency further into mainstream use, especially in government systems. Dogecoin, which Musk has frequently supported, saw its value rise following Trump’s election victory. Musk has also endorsed using cryptocurrencies like Dogecoin as a payment option for Tesla.
Trump has made overhauling cryptocurrency policy a priority, appointing a new working group to focus on crypto regulations and potentially creating a national cryptocurrency reserve.
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