On the 2nd of June, Dr. Timothy Ursich, a Senatorial candidate in the US affirmed that he will make Dogecoin a legal tender if elected this month. The 37-year-old politician also called for Elon Musk and Billy Markus, who created Dogecoin to support his campaign.
The election is set to take place on the 7th of June, and Dr. Ursich will be representing the Democratic Party. The senatorial candidate is a strong fan of cryptocurrency and has shared the advantages of owning crypto with his thousands of followers several times. Dr. Timothy Ursich believes that cryptocurrencies can help combat inflation in the United States.
Can Dogecoin Replace the US Dollar?
Dogecoin has caught the attention of a number of influential individuals, with Elon Musk leading the ranks. Tesla now accepts Dogecoin payments in some of its outlets and more companies are beginning to accept cryptocurrencies as payment.
However, it is one thing to accept crypto payments and it is another thing to make Dogecoin a legal tender. While Dr. Ursich may have his plans for Dogecoin, will the crypto asset be accepted by the state and other members of the senatorial body in California? Even if it is, the United States constitution forbids individual states from creating their own legal tenders.
More so, the California state government has had a firm stance against cryptocurrencies recently. The state proposed the regulation of cryptocurrencies in line with Joe Biden’s executive order on digital assets.
Additionally, the dollar is the most used currency, not just in California or the United States, but also all over the world. It is practically impossible for Dogecoin to replace this long-standing currency.
Rather than replacing the dollar, Dogecoin may serve as a complement to the dollar. It may also be a good alternative for individuals who see crypto investments as a hedge against inflation. Finally, Dogecoin can serve as a great payment option for US citizens as Doge fees are low and the blockchain is secure.
