US Senate Candidate Timothy Ursich Jr. a Demoratic party member will propose to make Dogecoin legal tender if he wins the Senate
Timothy Ursich Jr. Plans To Make DOGE Legal Tender
If Timothy Ursich Jr. gets elected to the United States Senate to represent California, he has promised to draft a bill proposing Dogecoin as an official payment option. He also believes that the biggest cryptocurrencies – bitcoin and ether – are two of the strongest tools for combating present galloping inflation.
On June 7, a special election for the United States Senate will be held in California. One of the candidates, Dr. Timothy Ursich of the Democratic Party, was revealed to be a bitcoin supporter.
In a recent tweet, the 37-year-old congressman stated that he would introduce legislation to make Dogecoin legal tender.
To achieve this, he enlisted the services of software developer Billy Markus (the memecoin’s co-founder) and Elon Musk, the world’s richest person (an outspoken supporter of the asset).
Since El Salvador and the Central African Republic approved bitcoin (BTC) in 2021 and earlier this year, bitcoin (BTC) is the only digital asset utilized as an official payment method.
Ursich also believes that cryptocurrency could be an effective hedge against the United States’ unprecedented inflation. Assets having a limited supply and high acceptance, such as bitcoin, could meet the description, according to him. Despite the lack of a maximum ceiling, the politician argued that, like BTC, ETH could be used as an instrument.
Elon Musk and Dogecoin
Dogecoin’s price rose from less than a penny at the beginning of 2021 to more than $0.70 a few months later. Elon Musk, Tesla’s CEO, is responsible for some of the company’s development.
The entrepreneur promised in April that one of his companies, SpaceX, will “place a literal Dogecoin on the literal Moon.” The memecoin’s USD value increased by 35% shortly after that revelation.
A few months later, Musk chastised bitcoin and ether for their slow and costly transactions, claiming that DOGE might reduce costs and speed up settlement times.
In July, Tesla’s CEO spoke at the B-Word Event, revealing that he had personally invested some of his fortunes in BTC, ETH, and DOGE.
His enthusiasm for the memecoin peaked in early 2022 when he challenged McDonald’s in the United States to accept it as a form of payment. Musk has vowed to eat a Happy Meal (the brand’s staple burger and french fries package) on TV if the company succeeds.
The billionaire recently raised DOGE’s price by revealing that SpaceX may soon accept the memecoin as a form of payment.
