On May 7, 2025, Microsoft co-founder and billionaire philanthropist Bill Gates made a historic visit to Indonesia to meet with Indonesian President Prabowo Subianto. During their chat Gates expressed his opposition to Elon Musk’s influence over international aid funding. The high-level discussions were held behind closed doors at the Merdeka Palace in Jakarta. It zeroed in on how, because of Musk’s influence in creating and sustaining DOGE, the crypto currency, massive budget cuts have occurred for the United States Agency for International Development (USAID) per Gates.
During the meeting, Gates specifically criticized Musk’s involvement with DOGE, stating that it has had detrimental effects on the agency’s budget. In doing, he pointed to what he first thought would be a 20% cut to the USAID budget. This expected decrease was a direct result of Musk’s behavior. Though the Congress had promised no more than 40% cuts, the reality was much worse, with cuts in reality amounting to about 80%. Gates firmly stated, “He’s the one who cut the U.S.A.I.D. budget,” underscoring his belief that Musk’s decisions directly impacted the agency’s ability to provide aid.
The Impact of Cryptocurrency on Aid
Gates’ remarks spotlight a distinctive new concern among philanthropists and development organizations. They’re tired of worrying about how these new cryptocurrencies are draining funding from essential and impactful programs. Speculative digital currencies such as DOGE are skyrocketing. A lot of people are concerned that investing in these risky markets would divert much-needed money from humanitarian assistance.
USAID just faced their largest overall budget cut, ever, leaving us to wonder where USAID’s priorities in directing financial resources STILL lie. Gates stressed that these deep cuts preclude the agency from meeting the needs of some of the world’s most vulnerable communities. More important to him is making sure all the attention on cryptocurrency doesn’t eclipse the pressing demand for help in poor communities.
Musk’s Response and Future Plans
Further to Gates’ criticisms, Elon Musk has recently shared plans to reduce the scope of his engagement with DOGE. He had indicated that he would direct his energy toward Tesla and its projects. To optimize for that, he’s decided to limit cryptocurrency work to one or two days per week. The only downside would be how badly Musk is reacting to Gates and other critics. They argue that his erratic business decisions have an outsized impact on the global aid funding.
Even with these exciting changes promised, Musk hasn’t fully convinced Gates on the industry-wide changes coming. The dispute over cryptocurrency’s growing role in our financial markets has definitely crossed over into the deep end. Industry leaders and philanthropists are engaging in robust debate about its potential to disrupt the humanitarian space.
Broader Implications for Philanthropy
The exchange between Gates and Musk points to a broader debate within philanthropy. It dives deep into how these financial choices made by powerful figures undermine accountability and what their potential ramifications are. Both men have or had great power to shape their chosen fields. Their actions will determine how technology gets used and how it can most positively affect the broader future of international aid and development.
To Gates, the humanitarian aspect has to come first. He challenges us to spend our precious dollars to fight poverty and despair in every corner of the earth. Conversations around cryptocurrencies and how they should be integrated into our society are changing every day. USAID programming largely ignores the implications of these digital currencies on services that people depend on.
