Cathie Wood, the founder of asset management firm Ark Invest, rallied around Elon Musk’s idea of putting all U.S. government spending on blockchains for better transparency on Sunday.
What happened: Wood wrote, “Transparency, Efficiency, Security: Win, Win, Win,” while reacting to the radical plan first backed by Musk, who is in charge of the Department of Government Efficiency, and later by Coinbase CEO Brian Armstrong.
Notably, Ark Invest was the first public asset manager to gain Bitcoin BTC/USD exposure in 2015 and has consistently championed the utility of blockchains, including Ethereum ETH/USD and Solana SOL/USD.
See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap
Why It Matters: Wood’s backing comes in the wake of a polarizing debate over Musk’s plans to get access to sensitive government systems.
The Department of Government Efficiency, or DOGE, a panel tasked with cutting wasted federal expenditure, sought access to the Treasury Department’s payment systems amid Musk’s allegations of government payment irregularities. However, a federal court blocked the move, citing the potential risk of “irreparable harm.”
According to a live tracker, DOGE has saved U.S. taxpayers $36.70 billion as of this writing, which is about 1.8% of Musk’s optimistic $2 trillion target set during Donald Trump’s campaign. Note that this is not official data.
Price Action: At the time of writing, Dogecoin DOGE/USD, the cryptocurrency symbolically linked to the department, was exchanging hands at $0.2576, up 4.01% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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