Solana to Rip? Elon Musk Reportedly Planning a Blockchain Revolution for US Government
2025-01-28
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Musk has begun to discuss using blockchain technology to streamline the government’s IT systems and cut unnecessary costs, according to recent reports.
To wit, Musk is the new president’s official advisor on matters pertaining to government efficiency. President Donald Trump appointed him tohead theDOGE: a White House office named the Department of Government Efficiency.Sources: Musk to Move US Government Onto Blockchain
Musk and his team have reportedly discussed using blockchain to account for federal spending, secure government data, facilitate payments, and even manage government buildings. That’s according to sources close to the conversations. They requested anonymity because there has yet to be any public revelation of these talks in any official capacity.
Accordingly, officials at the DOGE and White House did not return any requests for comment. Neither did Mr. Musk himself.
But, this development may come as no surprise to crypto sector watchers. The DOGE acronym is a reference to Musk’s favorite blockchain cryptocurrency.
Meanwhile, people associated with the new government efficiency office have met with key players of several cryptocurrency blockchains. They mean to assess the usefulness of their platforms for the governments’ requirements.
One person said Musk already had an army of around 100 volunteers who had helped write code for his government efficiency projects prior to Trump’s inaugural.Will Trump Favor Solana For Official Use?
Mr. Trump’s own business associates chose Solana to launch thewildly popularTrump and Melania meme coins. However, it is unclear whether the new administration would utilize Solana as an official channel for government management and online transactions.
That boon could go to Ethereum, another blockchain favored by Trump and the leading cryptocurrency network by total market capitalization. Ethereum is also far ahead of Solana in terms of adoption by US financial institutions. It has had exchange-traded fund (ETF) products available on Wall Street since last July.
Moreover, Ethereum is well-favored by Peter Thiel, the legendary Silicon Valley founder and venture capitalist who co-founded PayPal with Elon Musk and helped start it with one of his Thiel Fellowship grants.
It’s safe to assume that whether it’s Solana, Ethereum, or any other network, the underlying asset would explode in value if it’s indeed used by the US government.