Why Elon Musk wants to put government spending on a public blockchain

It was a placid weekend for Bitcoin and most of crypto until yesterday afternoon, when there was a sudden spike in volatility caused by the viral Chinese AI app DeepSeek. This impacted stock futures and, in a growing correlation, BTC, which fell 5% in 24 hours to below $100,000. Nevertheless, most prominent traders aren’t concerned. Then, outside of Bitcoin, one debate stole the conversation this weekend: a report that Elon Musk is looking at utilizing blockchain technology to track and reduce government spending in the US. Could this move for transparency and accountability be a step forward? Alongside this discussion was a conversation around Coinbase’s token listing practices, with the exchange’s CEO pointing out that over 1 million new tokens are created every week. However, Tron’s Justin Sun believes the problems run deeper at Coinbase.Further reading:DeepSeek rout costs bulls $100K — 5 things to know in Bitcoin this weekWhy is the crypto market down today?Musk exploring blockchain use to curb US government spending: ReportBrian Armstrong says Coinbase needs to ‘rethink’ its token listing processRise’n’Crypto is brought to you by Cointelegraph and is hosted and produced by Robert Baggs. You can follow Robert on Twitter and LinkedIn. Cointelegraph’s Twitter: @CointelegraphCointelegraph’s website: cointelegraph.comThe views, thoughts and opinions expressed in this podcast are its participants’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This podcast (and any related content) is for entertainment purposes only and does not constitute financial advice, nor should it be taken as such. Everyone must do their own research and make their own decisions. The podcast’s participants may or may not own any of the assets mentioned.