Crypto Twitter is speculating that Elon Musk, who currently leads the Department of Government Efficiency (DOGE), would use Ethereum for the US Treasury.
Earlier this month, Musk confirmed he wants to put the US Treasury on a blockchain over the eregious spendings uncovered as DOGE dug into the payment system of the Treasury.
“Career Treasury officials are breaking the law every hour of every day by approving payments that are fraudulent or do not match the funding laws passed by Congress,” Musk posted on Feb. 2. “This needs to stop NOW.”
In response to a question by an X influencer Mario Nawfal on whether the Treasury should be put on the blockchain to avoid such payments, Musk said “Yes.”
Yes!
— Elon Musk (@elonmusk) February 2, 2025
Elon Musk might put the US Treasury on Ethereum
Musk has not confirmed whether they will use an existing or new blockchain for the Treasury. However, Crypto Twitter believes they will choose Ethereum, with some pointing to the recent activities of Trump’s family.
On Feb. 3, Eric Trump posted on X saying “In my opinion, its a great time to add $ETH. You can thank me later,” which some people saw as a hint.
In my opinion, it’s a great time to add $ETH.
— Eric Trump (@EricTrump) February 3, 2025
World Liberty Financial, the Trump-backed DeFi protocol, has also been aggressively purchasing Ether. So far this month, WLF has accumulated 61,114 ETH for $205 million.
Also, WLF seems more closely connected to Ethereum, from launching its ERC-20 WLFI token to submitting a governance proposal to deploy an “Aave V3 instance” on Ethereum with an initial goal of “providing stablecoin utility.”
There’s a 16% chance US Treasury will be put on blockchain in 2025
Meanwhile, the odds on Polymarket are far less indicative that the US Treasury will be put on a blockchain any time soon.
At the time of writing, there was only 16% chance that that Treasury transactions are made on a blockchain in 2025. As of Feb. 5, the odds were up to 27%.
