Timothy Ursich Jr. – who runs for election to the US Senate to symbolize California – vowed that he will draft a invoice proposing Dogecoin as an official cost methodology if he is victorious. He additionally opined that two of one of the best devices in opposition to the present galloping inflation are the main cryptocurrencies – bitcoin and ether.
The Votes Could Determine DOGE’s Future Status
The United States Senate particular election in California will happen 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 latest tweet, the 37-year-old politician promised to suggest a invoice granting Dogecoin a authorized tender standing. To accomplish that aim, he known as upon the assistance of the software program engineer Billy Markus (the Co-Founder of the memecoin) and the world’s richest individual Elon Musk (an outspoken supporter of the asset).
I name on @BillyM2k and @elonmusk for assist of my US Senate marketing campaign right here in California.
As talked about weeks in the past, if voted in/elected on June seventh, I’ll draft a invoice proposing #Dogecoin as Legal Tender. I’ll push for mass adoption through the common utility of #cryptocurrency
— Dr. Timothy Ursich Jr Candidate for US Senate 2022 (@Ursich4SenateCA) June 2, 2022
Currently, the one digital asset used as an official cost methodology is bitcoin (BTC) since El Salvador and the Central African Republic adopted it respectively in 2021 and earlier this 12 months.
Ursich additionally believes that cryptocurrencies could possibly be a profitable hedge in opposition to the file inflation that reigns within the States. According to him, belongings with restricted provide and robust adoption, similar to bitcoin, may match this invoice. Despite missing a most cap, not like BTC, the politician maintained that ETH may additionally work as such an instrument.
Musk and Dogecoin
Worth lower than a cent at the start of 2021, Dogecoin’s worth soared to an all-time excessive of over $0.70 just a few months later. It is protected to say that a few of its progress was fueled by Tesla’s CEO – Elon Musk. Last April, the entrepreneur vowed that one of many companies 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 couple of months later, Musk criticized bitcoin and ether for conducting gradual and costly transactions whereas opining that DOGE may reduce the charges and supply a quicker settlement velocity.
Tesla’s boss took half within the B Word Event in July, the place he revealed that he had personally invested a few of his wealth in BTC, ETH, and DOGE.
His assist in the direction of the memecoin peaked at the start of 2022 when he challenged the US fast-food chain – McDonald’s – to settle for it as a method of cost. If the agency does so, Musk promised to eat a Happy Meal (the corporate’s signature burger and french fries field) on TV.
A couple of days in the past, the billionaire boosted DOGE’s worth once more, disclosing that SpaceX will quickly embrace the memecoin as a type of cost.
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