Former US President Donald Trump recently attracted attention when he bought a burger with Bitcoin at PubKey, a bar in Greenwich Village, New York City. Trump claimed that this was the first time a US president had used cryptocurrency as a payment.
The event, which comes ahead of a campaign rally, highlights Trump's recent shift toward embracing digital assets as part of his 2024 campaign strategy.
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Trump's Transaction as a Coming of Age Mark for Bitcoin
Trump completed the transaction for a total of $998.70 using a payment app called Strike. The platform operates on Bitcoin 's Lightning Network . According to PubKey, the transaction was completed at block 861871.
PubKey holds a special place in the Bitcoin community. The bar has become a hotspot for Bitcoin enthusiasts and is known for its events that educate the public about it. The bar’s Bitcoin-themed decor, including a “shrine” dedicated to the digital asset, provided a fitting backdrop for Trump’s notable transaction.
Thomas Pacchia, co-owner of PubKey, commented on the significance of the transaction, noting that having a high-profile figure like Trump interact with Bitcoin in this way highlights the growing acceptance and visibility of the digital asset.
“A former president, a potential future president, this is really a coming of age for the Bitcoin community,”
Pacchia said, according to Bloomberg.
The transaction adds to Trump’s growing list of efforts to show support for the cryptocurrency industry. During this election cycle, Trump has repeatedly shown a departure from his previous criticism of cryptocurrencies.
During his tenure as the 45th president, Trump has been openly critical of Bitcoin. In 2019, he called it “based on air” and expressed concerns about its volatility. However, his recent actions, including accepting cryptocurrency donations for his 2024 presidential campaign, suggest a change of heart.
Trump has also expanded his interest in decentralized finance (DeFi). BeInCrypto reported that earlier this week, 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 these moves as strategic, others remain skeptical about Trump’s true intentions in the crypto space. Critics say Trump’s actions may be more about political attention than genuine support for the technology.
Many in the crypto community have questioned the viability and transparency of WLFI. Some retail investors have also expressed concerns about the lack of clarity around how WLFI operates and its restrictive investment conditions.
Despite these concerns, Trump’s continued involvement in the cryptocurrency space has received support from public figures including Gemini ’s Winklevoss brothers and economist Peter Schiff. Whether this support will lead to a broader acceptance of Trump’s Vai in the cryptocurrency community remains to be seen.
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