Cathie Wood, the founder of Ark Invest, an asset management firm, expressed her support for Elon Musk's proposal to put all U. S. government spending on blockchains to enhance transparency this past Sunday. What happened: Wood commented, "Transparency, Efficiency, Security: Win, Win, Win, " in response to this unconventional idea initially promoted by Musk, who heads the Department of Government Efficiency, and later endorsed by Coinbase CEO Brian Armstrong. It's worth noting that Ark Invest was the first public asset manager to gain exposure to Bitcoin (BTC/USD) in 2015 and has consistently advocated for the benefits of various blockchains, including Ethereum (ETH/USD) and Solana (SOL/USD). See Also: Man Whose $775 Million Bitcoin Fortune is Buried in a Landfill Now Seeks to Acquire the Trash Heap Why It Matters: Wood's endorsement comes amid a contentious discussion regarding Musk's ambitions to access sensitive government systems. The Department of Government Efficiency, referred to as DOGE, is a committee focused on reducing waste in federal spending and has sought access to the Treasury Department’s payment systems in light of Musk’s claims about inconsistencies in government payments.

However, a federal judge has blocked this effort, citing concerns of "irreparable harm. " Currently, a live tracker indicates that DOGE has saved taxpayers approximately $36. 70 billion, which is roughly 1. 8% of Musk’s ambitious $2 trillion savings goal proposed during Donald Trump's campaign. It’s important to note that this figure is not officially verified. Price Action: As of now, Dogecoin (DOGE/USD), the cryptocurrency associated symbolically with DOGE, is trading at $0. 2576, reflecting a 4. 01% increase over the last 24 hours, according to data from Benzinga Pro. Image via Shutterstock Read Next: