On Tuesday, Elon Musk , the world’s richest man, suggested that he might ask President Donald Trump about using savings from the new Department of Government Efficiency (DOGE) to issue tax refunds to American citizens.

Speculation arose after Musk responded on X (formerly Twitter) to a proposal from a right-wing investment firm CEO advocating for a “DOGE Dividend.” Musk vaguely pledged to “check with the President” about the idea.

While it's unclear whether Musk is serious about pursuing a tax refund, the broader crypto community remains optimistic that if it materializes, Musk might allow Americans to receive tax rebates in cryptocurrency — potentially even Dogecoin, given its association with the DOGE agency.

“If it happens, it could be one of the biggest direct onboardings into crypto we’ve seen,” Nicolai Sondergaard, Research Analyst at Nansen, told TheStreet Crypto.

Some in the digital asset community believe the proposal would offer both fiat and crypto options. “A hybrid approach allowing citizens to opt in to receive payments in digital currencies like BTC, ETH, or DOGE could serve as an innovative on-ramp to crypto adoption while maintaining stability for those who prefer traditional payment methods,” Marcin Kazmierczak, co-founder of blockchain oracle provider RedStone, told TheStreet Crypto.

However, others acknowledged the technical challenges of issuing tax refunds to everyday Americans in cryptocurrency. “It would be an extreme headache and ripe for potential fraud,” Mike Milner, Chief Commercial Officer at Concordium, told TheStreet Crypto. “A huge number of Americans wouldn’t be able to access it in any meaningful way.”

Sondergaard added that technical barriers could further restrict participation. “There would probably be some requirements, like needing a wallet set-up, which could limit participation. I can imagine many people not bothering, even for something like $5,000."

Musk’s tenure helming DOGE has attracted a barrage of criticism, including for poor accounting. The organization recently boasted that it saved taxpayers $8 billion for cutting a contract with Immigration and Customs Enforcement or ICE, but the contract was worth only $8 million.

Some critics also caution that offering refunds in Dogecoin might undermine the credibility of cryptocurrencies, strengthening a perception that memecoins are risky. “Musk paying in DOGE would reinforce the perception that [memecoins] hold legitimate monetary value, which poses broader economic concerns,” Brickken CEO Edwin Mata told TheStreet Crypto. “Recent liquidity distortions — driven largely by speculation and celebrity influence — have shown that these assets can divert capital from more fundamentally sound projects.”