On Tuesday, Elon Musk, the world’s wealthiest person, may ask President Donald Trump about issuing tax refunds to American citizens using savings from the new government efficiency (DOGE). I proposed it.
Speculations arose after Musk responded to a proposal from the CEO of a right-wing investment company advocating “Doge Dividend” on X (formerly Twitter). Musk vaguely pledged to “check with the President” about the idea.
It is unclear whether Musk is serious about pursuing tax refunds, but the broader crypto community says that if that were to happen, Musk could potentially even have Dogecoin, given its relationship with Doge institutions. He is also optimistic that Americans could allow cryptocurrency to receive tax rebates.
“If that happens, it could be one of the biggest direct onboarding to cryptography we’ve seen,” Nansen research analyst Nikolai Sondergaard told Thestreet Crypto.
Some people in the digital asset community believe the proposal will offer both Fiat and crypto options. “A hybrid approach that allows citizens to choose to pay in digital currencies such as BTC, ETH, DOGE can serve as an innovative on-ramp for crypto adoption, while maintaining stability for those who prefer traditional payment methods. It’s sexual,” the founder of Oracle blockchain provider Redstone told Thestreet Crypto.
However, others acknowledged the technical challenge of issuing tax refunds to everyday Americans with cryptocurrencies. “It’s an extreme headache and it’s ripe for potential fraud,” Concordium chief commercial officer Mike Milner told Thestreet Crypto. “The vast numbers of Americans can’t access it in any meaningful way.”
Sondergaard added that technical barriers could further limit participation. “There are probably a few requirements, such as those that require a wallet setup that could limit participation. Imagine that a lot of people don’t care, even if it’s something like $5,000. can.”
Doge, Musk’s tenure, attracted a barrage of criticism, including poor accounting. The organization recently boasted of saving taxpayers $8 billion to cut contracts with immigration and customs enforcement or ICE, but the contract was worth just $8 million.
Some critics also warn that offering refunds with Dogecoin may undermine the reliability of cryptocurrencies and strengthen the perception that Memecoin is dangerous. “Musk at Doji will strengthen the perception that (Memecoin) holds legitimate monetary value. “Recent liquidity distortions – driven primarily by speculation and celebrity influences. shows that these assets can divert capital from more fundamentally healthy projects.”
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