In an unprecedented move, Donald Trump, the former President of the United States, has become the first ex-president to utilize Bitcoin (BTC) for a commercial purchase. This remarkable event took place at a New York City bar, where Trump used the cryptocurrency to buy hamburgers ahead of a campaign rally.
Trump Uses Bitcoin to Pay for Hamburgers
The 2024 Republican presidential nominee was seen at PubKey, a Manhattan-based bar themed around cryptocurrency, making a purchase of several hamburgers using Bitcoin. A video clip released by Fox News captures Trump receiving assistance from PubKey staff to complete the transaction on the Bitcoin network.
The transaction was facilitated by the Strike app, which leverages the Bitcoin layer-2 solution known as the Lightning Network. This notable transaction amounted to $998.70 and was confirmed at block height 861871. It’s worth mentioning that Trump holds over $1 million in various cryptocurrencies.
Trump initially attempted to complete the transaction by scanning a QR code on PubKey’s point-of-sale tablet. When the first attempt failed, a PubKey employee stepped in to assist, successfully processing the payment with BTC on the second try. Trump described the experience as ‘history in the making’ and continued to engage with other cryptocurrency enthusiasts present at the bar.
Thomas Pachhia, a co-owner of PubKey, described Trump’s purchase as a ‘coming of age’ moment for Bitcoin. Trump addressed the crowd, saying:
“Everybody that’s a crypto guy, a crypto maniac as I call them, whether it’s Bitcoin or crypto, get out and vote because if you vote, we cannot lose. We want to get everybody who agrees with you people and what you’re doing, and there’s a lot of people; they’ve been treating you very badly with the SEC, but we’re going to treat you very fairly.”
Trump’s comments were directed at the U.S. Securities and Exchange Commission (SEC), where he criticized what he sees as regulatory overreach against the crypto industry. Trump has publicly announced his intention to fire current SEC Chair Gary Gensler if he returns to the White House.
Trump’s Evolving Stance on Cryptocurrency
During his presidency, Trump was known for his critical views on Bitcoin’s volatility. However, his stance has dramatically shifted during the 2024 campaign. He now openly embraces digital assets and even accepts cryptocurrency donations for his campaign.
On the other hand, Democratic presidential candidate and current Vice President Kamala Harris is also looking to capture the crypto-leaning voter base. Reports indicate that she is utilizing the Coinbase Commerce platform to accept cryptocurrency donations for her campaign.
In a recent announcement, Trump revealed the launch of a new decentralized finance (DeFi) venture called World Liberty Financial. This initiative is part of his broader vision to transform the United States into the ‘crypto capital of the world.’
As of the latest updates, Bitcoin is trading at $62,918, reflecting a 4.8% increase in the last 24 hours.
