President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to head the new Department of Government Efficiency (DOGE), a federal agency created to reduce waste, streamline spending, and revamp government bureaucracy. DOGE’s goals include cutting excess expenditures and restructuring federal agencies to save money from the U.S. government’s massive $6.5 trillion annual budget. Musk and Ramaswamy, known for their pro-crypto stances, aim to apply entrepreneurial approaches to improve government efficiency. This move has sparked a rally in Dogecoin, Musk’s favorite cryptocurrency, which has surged over 150% since Trump’s election win.

Bitcoin has surged close to $95,000, marking its best weekly performance since the 2023 U.S. banking crisis, which saw the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank. This banking crisis acted as a catalyst for Bitcoin’s bull run last year. Arthur Hayes, co-founder of BitMEX, links this recent price surge to expectations of business-friendly policies under President-elect Donald Trump, which may drive additional investment into Bitcoin as a hedge against inflation. Hayes suggests that quantitative easing—massive liquidity injections by central banks—could drive Bitcoin toward $1 million by creating higher demand for safe-haven assets. As more fiat money enters the system, Bitcoin’s supply constraints could fuel further price increases.

Transak, a leader in Web3 onboarding, has partnered with Lamborghini, Gravitaslabs, and Animoca Brands’ Motoverse to enable seamless NFT checkout for Lamborghini’s digital initiative, Fast ForWorld. This partnership allows users in over 160 countries to purchase Lamborghini NFTs easily using various local and international payment methods. The NFT minting, which started on November 7, 2024, gives Lamborghini fans access to exclusive digital assets within an interactive ecosystem created by Gravitaslabs, featuring a 3D wallet and gamified experiences. Transak’s service brings secure and accessible transactions, marking a major expansion of its reach into luxury and lifestyle markets. Additionally, a special Transak-branded Lamborghini NFT collection will be launched, enhancing engagement for collectors. This partnership exemplifies Transak’s role in advancing digital ownership and brand experiences in the NFT space.

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