In 2010, a Japanese teacher named Atsuko Sato posted this photo of her Shiba Inu dog on her blog.

The internet took notice.

People began overlaying the image with phrases like "such wow" and "very amaze”...

It spread like wildfire.

(I don’t get it either. But that’s the story behind the Doge meme.)

By 2013, Dogecoin emerged—a cryptocurrency that started as a joke but shot up in value. (Legend says the “Dogecoin millionaire” is still holding. Although he’s not quite a millionaire anymore.)

Fast forward to 2024, and Elon Musk was appointed to lead the Department of Government Efficiency (DOGE)...

An apparent nod to the meme and its associated cryptocurrency.

BUT, and hear me out…

Maybe DOGE isn’t actually a nod to the dog meme. But, instead, a subtle reminder of how history repeats in unexpected ways.

After all, this isn’t the first time the Doge was a symbol of streamlined government.

Consider Venice.

The First Doge of Venice

Venice in the 690s was a mess.

The city was technically under Byzantine rule, although that was waning. (And yet, Venice was still Byzantine in every modern sense of the word—complex, overcomplicated, and inefficient.)

The local government, if one could call it that, consisted of squabbling tribunes who spent more time arguing about who was in charge than actually being in charge.

Decisions were slow, alliances were fleeting, and governance was largely theoretical.

(Sound familiar?)

The Venetian merchant elite craved something different. Something faster.

Into this chaos stepped the first Doge (which, in Venetian, meant “leader”)—a man believed to be named Paolo Lucio Anafesto.

His job was to cut through the Byzantine (both literal and figurative) nonsense and keep Venice safe from its many enemies.

And there were many enemies to worry about: invading Umayyads, land-hungry Franks, profit-hungry pirates, squabbling nobles, and seagulls so aggressive they were practically a standing army.

You might notice…

Musk’s role with DOGE reveals a few parallels.

If History is Any Indication

The first Doge of Venice was a quick fix—a "click here to continue" button to smooth over political chaos.

Yet, this temporary role became the bedrock of Venetian power, enduring over a millennium. Over time, foreign powers dealt with the Doge first before anyone. And, with each crisis, the Doge's authority grew.

Enter DOGE: Musk's master plan to give the Byzantine system a modern makeover.

Like its Venetian namesake, DOGE started as a bold move to streamline operations. But efficiency is like fire: it begins by clearing waste and can end up being the only thing holding the structure together.

If history is any indication:

If DOGE succeeds in its role, the government will lean on it more. Increased reliance means a need for oversight, leading to formal structures and, eventually, DOGE becoming a significant force—perhaps more than initially planned.

Is this possible? Perhaps a long shot, but… technically, yes.

For DOGE to become a more permanent federal agency, Congress would need to pass legislation.

Alternatively, if granted reorganization authority, Trump could restructure executive agencies to make DOGE permanent. (However, such authority hasn't been granted since President Reagan's era.)

So, it’s possible…

But our concerns are more short-term.

As it happens, just like in Venice, DOGE may soon help create huge tailwinds for an often overlooked sector in the economy. By reducing bureaucracy and simplifying compliance, these firms may lower costs and face fewer entry barriers…

And get the biggest gains they’ve seen in over 12 years.

(And, no, I’m not talking about crypto this time -- although cryptos could benefit, too.)

More on that -- and what to do about it -- tomorrow.