Ramasamy and Musk Solve Federal Spending Issue with DOGE

Ramasamy and Musk have enlightened the community by addressing an existing problem. Recently, Ramaswamy tweeted on X that most federal workers don't show up in person, but the cost of maintaining and providing energy for government office buildings (7,967 buildings) is $15 billion annually. Elon Musk also expressed his anger when he stated that American taxpayers' money is being used to air condition and heat thousands of vacant government buildings. President-elect Donald Trump appointed Vivek Ramaswamy and Elon Musk to lead the Department of Government Efficiency (DOGE). The agency's goal is to reduce federal spending and save taxpayers' money.

In the election campaign, Trump has proposed many tax cuts, and if these proposals are to be passed in both houses, he needs a way to cut federal spending. This has become one of the main reasons for establishing DOGE. While Ramasamy and Musk are struggling to cut expenses, FTX, the cryptocurrency exchange, has gone bankrupt and has declared that they will repay their creditors. According to the approved bankruptcy plan, FTX will return $16.5 billion in funds that they have collected over the past two years to their customers. Each customer will receive 119% of the amount they have stored in their wallet at the time of bankruptcy. According to the plan, within 60 days from the effective date, approximately 98% of customers with balances of $50,000 or less in their accounts will be refunded. However, FTX has not yet announced the refund date. FTX, once a leading cryptocurrency exchange, collapsed in November 2022 after news about the founder and CEO, Sam Bankman-Fried, embezzling customer funds came to light. Bankman-Fried is currently serving a 25-year prison sentence. With the ability to reduce and refund FTX taxes, most Americans can see themselves having additional disposable income. The increase in finances may encourage people to explore new investment opportunities such as cryptocurrencies. Successfully resolving high-level cases like FTX and increasing confidence in cryptocurrencies, along with clarity in regulations, increases their chances of investing in cryptocurrencies.