Elon Musk's Doge department of government efficiency, named for the meme-based bitcoin rival dogecoin, has sent shockwaves through Washington as Musk repeatedly warns of U.S. "bankruptcy."

The dogecoin price has rocketed higher along with the bitcoin price following Donald Trump's U.S. presidential election that Musk campaigned for, with traders betting the Tesla billionaire and X owner will help Trump create a pro-crypto administration.

Now, as traders brace for Musk to announce a crypto game-changer, Musk has said that if his Doge department is successful in combating inflation, it could drive down the price of bitcoin, dogecoin and other major cryptocurrencies.

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