Elon Musk has been appointed as the head of the newly created White House advisory office called D.O.G.E., which stands for Department of Government Efficiency. Musk, known for his love for Dogecoin, will focus on improving government efficiency to address overspending, reduce the federal budget deficit, and curb inflation. A study by Princeton University estimates that US budget deficits in 2021 contributed to about 30% of the inflation rate. Rising prices due to government spending affect various sectors, including the cryptocurrency market. While some investors see cryptocurrencies like Bitcoin, Ripple, and Dogecoin as a hedge against dollar inflation, Musk believes that his plans for reducing deficits and inflation may have a negative impact on Bitcoin's price. The price of Bitcoin dipped to $94,600 after losing the $100,000 mark.



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