Timothy Ursich Jr. – who runs for election to the US Senate to represent California – vowed that he will draft a bill proposing Dogecoin as an official payment method if he is victorious. He also opined that two of the best instruments against the current galloping inflation are the leading cryptocurrencies – bitcoin and ether.
The Votes Could Determine DOGE’s Future Status
The United States Senate special election in California will take place on June 7. One of the candidates is a member of the Democratic Party – Dr. Timothy Ursich – who turned out to be a cryptocurrency proponent.
In a recent tweet, the 37-year-old politician promised to propose a bill granting Dogecoin a legal tender status. To accomplish that goal, he called upon the help of the software engineer Billy Markus (the Co-Founder of the memecoin) and the world’s richest person Elon Musk (an outspoken supporter of the asset).
— Dr. Timothy Ursich Jr Candidate for US Senate 2022 (@Ursich4SenateCA) June 2, 2022
Currently, the only digital asset used as an official payment method is bitcoin (BTC) since El Salvador and the Central African Republic adopted it respectively in 2021 and earlier this year.
Ursich also believes that cryptocurrencies could be a successful hedge against the record inflation that reigns in the States. According to him, assets with limited supply and strong adoption, such as bitcoin, could fit this bill. Despite lacking a maximum cap, unlike BTC, the politician maintained that ETH could also work as such an instrument.
Musk and Dogecoin
Worth less than a cent at the beginning of 2021, Dogecoin’s price soared to an all-time high of over $0.70 a few months later. It is safe to say that some of its progress was fueled by Tesla’s CEO – Elon Musk. Last April, the entrepreneur vowed that one of the corporations he runs – SpaceX – will “put a literal Dogecoin on the literal Moon.” Shortly after that announcement, the memecoin’s USD valuation surged by 35%.
A few months later, Musk criticized bitcoin and ether for conducting slow and expensive transactions while opining that DOGE could minimize the fees and provide a faster settlement speed.
Tesla’s boss took part in the B Word Event in July, where he revealed that he had personally invested some of his wealth in BTC, ETH, and DOGE.
His support towards the memecoin peaked at the beginning of 2022 when he challenged the US fast-food chain – McDonald’s – to accept it as a means of payment. If the firm does so, Musk promised to eat a Happy Meal (the company’s signature burger and french fries box) on TV.
A few days ago, the billionaire boosted DOGE’s price again, disclosing that SpaceX will soon embrace the memecoin as a form of payment.
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This news is republished from another source.