Custodia Bank CEO Shares ‘DOGE’ Recommendations Amid Elon Musk’s $2T Target

Varinder Singh
October 28, 2024 Updated June 6, 2025
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Custodia Bank CEO Shares 'DOGE' Recommendations Amid Elon Musk's $2T Target

Highlights

  • Custodia Bank CEO Caitlin Long shares recommendations to Department of Govt Efficiency (DOGE).
  • Elon Musk predicts cutting $2 trillion in federal budget from $6.5 trillion wasted by Biden-Harris admin.
  • DOGE price jumps 4% as sentiment toward $1 rises.

Custodia Bank CEO Caitlin Long shares her recommendations to Department of Govt Efficiency (DOGE) as Elon Musk proposes to cut at least $2 trillion from the U.S. federal budget. Musk joined Republican presidential candidate Donald Trump and roughly two dozen other speakers during the rally at the Madison Square Garden in New York City.

Custodia CEO Calls for DOGE and Elon Musk to Move Fast

Caitlin Long, CEO of Custodia Bank, took to X on October 28 after Elon Musk predicted saving at least $2 trillion from $6.5 trillion wasted by the Biden-Harris administration. During the Trump rally at MSG, Musk said “Your money is being wasted. We’re going to get the government off your back and out of your pocket book.”

Trump has said he would ask Musk to head up an effort to cut government spending, named the Department of Government Efficiency (DOGE), a reference to a cryptocurrency Musk has embraced.

Long recommends DOGE founding members Howard Lutnick and Musk to also keep an eye on federal employees and regulations terrorizing businesses like Custodia. She said “The regulatory abuse has been staggering,” She added that the Department of Government Efficiency needs to move fast as the Democrats will push for the US Senate majority in 2026.

“If the DOGE team really plans to do something big so it has a chance of being durable & not reversed by the next president, it’d need to be fast.”

Long warned that Musk’s DOGE will face one problem after slashing federal spending is economic depression as the US government spending is 23% of the US GDP. She thinks the government inaccurately views growing spending to GDP. “It’s the wrong measure & they’ll need to explain why,” Custodia Bank CEO added.

She suggests two things:

  • stop focus on GDP that ignores the amount of B2B or supply chain spending,
  • start measuring economic performance instead by “gross output,” which includes B2B spending.

“Therein lies the oppty for Dept of Govt Efficiency: stop measuring the economy by GDP growth. Cutting govt spending will by def’n cut GDP–but MORE IMPORTANTLY as capital & jobs are redeployed to the private sector, B2B activity will grow & that’s where the *real* growth is!,” said Caitlin Long.

DOGE Price Gains Over 4%

DOGE price surged more than 4% in the past 24 hours, with the price currently trading at $0.143. The 24-hour low and high are $0.136 and $0.145, respectively. Furthermore, the trading volume has shot up by 90% in the last 24 hours, indicating a massive interest among traders.

The price rallied 40% this month amid Musk’s DOGE developments and posts. The crypto community eyes DOGE rally to $1 after Donald Trump’s win.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.