Former US President Donald Trump recently made headlines when he purchased a hamburger with Bitcoin at a restaurant in New York City’s Greenwich Village. Trump claimed this was the first time in history that a US president had transacted with cryptocurrency.
The event took place before the election campaign and marks Trump’s latest shift toward embracing digital assets as part of his 2024 campaign strategy.
PubKey Co-Owner Sees Trump Deal as Bitcoin's 'Maturity Moment'
Trump used the payment app Strike to complete the transaction totaling $998.70. The platform runs on Bitcoin’s Layer 2 Lightning Network. According to PubKey, where he purchased his burger, the purchase was completed at block height 861,871.
PubKey holds a special place in the Bitcoin community. The bar has become a hub for Bitcoin enthusiasts and is popular for events that educate the public about cryptocurrencies. The bar’s Bitcoin-themed atmosphere, which includes a “holy ground” for the digital asset, made it a fitting backdrop for Trump’s high-profile deal.
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“President Trump just became the first President to send a transaction using Bitcoin.”
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) September 18, 2024
Donald Trump Truth Social 02:36 PM EST 09/18/24 @realDonaldTrump pic.twitter.com/L07zGNm1Lt
Thomas Pachia, co-owner of PubKey, commented on the significance of the transaction, noting that having a high-profile figure like Trump interacting with Bitcoin in this way is crucial to increasing the acceptance and visibility of the digital asset.
“This guy, a former president and a potential future president, this is a real moment of maturity for the Bitcoin community,” Pachia said, as reported by Bloomberg .
Trump has made a number of attempts to show his support for the cryptocurrency industry, and this deal is one of them. During this presidential campaign, Trump has consistently moved away from his previous critical stance on cryptocurrencies.
During his tenure as the 45th president, Trump publicly criticized Bitcoin, referring to it as “a floating base” in 2019 and expressing concerns about its volatility. But his recent actions, including accepting cryptocurrency donations for his 2024 presidential campaign, suggest a change in attitude.
Trump has also expanded his interest in decentralized finance (DeFi). BeInCrypto reported earlier this week that he announced the launch of a DeFi project called World Liberty Financial (WLFI). Donald Trump Jr. and Eric Trump will lead the project.
While some see this move as strategic, others are skeptical of Trump’s true intentions in the crypto space . Critics argue that Trump’s actions are more focused on gaining political momentum than genuinely supporting the technology.
Many in the cryptocurrency community have questioned the viability and transparency of WLFI . Some cryptocurrency investors have expressed concerns about the lack of clarity on how WLFI will work and the restrictive investment terms.
Read more: Top 11 DeFi Protocols to Watch in 2024
Despite these concerns, Trump’s continued involvement in the crypto space has garnered support from public figures , including the Winklevoss twins, founders of cryptocurrency exchange Gemini, and economist Peter Schiff. It remains to be seen whether this support will translate into broader acceptance of Trump’s role in the crypto community.
